Section 55 of income tax act 1961 pdf

Rituraj purchased a residential house in april, 20 and sold the same in april 2019 for rs. Section 55 of income tax act 19612017 provides for meaning of adjusted, cost of improvement and cost of acquisition. Given income tax act sections list includes revised, omitted and newly added tax rules. Section 3 previous year, section 4, charge of income tax. Nonchargeability to tax in respect of offshore business activity 3 c. What are the provisions of section 54b of income tax act.

Section 360 of the code of criminal procedure, 1973, and the probation of offenders act, 1958, not to apply. Treatment of income from different sources income tax. Income tax act 1961 section 56 citation 23220 bare act. Complete list of sections of income tax act, 19612019 aubsp. Section 56 of income tax act, 1961 section 56 updates. List of sections of income tax act 1961 download pdf. This act may be cited as the income tax act, 1973 and shall, subject to the sixth schedule, come into operation on 1st january, 1974, and apply to assessments for the year of income 1974 and subsequent years of income. In this article we will discuss about tax exemptions available under section 54 in detail. Companies act, 1973, or deemed by that section to be so formed and incorporated, if i. It is as per the provisions contained in sections 60 to 64 of the income tax act. Learn the basics of capital gains tax, capital asset, chargeability of capital gains.

Section 55 cost of acquisition and improvement taxguru. Section 1 of the income tax act, 1961 gives power to tax authorities to issue summons or to force attendance of any person for being examined on oath or to compel production of books of account and other documents if any proceeding is pending. For relevant case laws, see taxmanns master guide to incometax act. As per the finance act, 2012, income tax is required to be deducted under section 192 of the income tax act 1961 from income chargeable under the head salaries for the financial year 2012 i. Section page i3 incometax act, 1961 arrangement of sections section chapter i page preliminary 1. In section 55 of the incometax act, in subsection 2, after clause ab, the following clause shall be inserted, namely. Text of remaining provisions of allied acts referred to in income tax act 1. What are the provisions of section 54b of income tax act 1961. Comptroller means the comptroller of income tax appointed under section 31 and includes, for all purposes of this act except the exercise of the powers conferred upon the comptroller by sections 34f9, 37ie7, 37j5, 671a, 95, 96, 96a and 101, a deputy comptroller or an assistant comptroller so appointed. What are the provisions of section 54 of the incometax act. If either received in india or deemed to accrue or arise in india or received outside india it is taxable in the hands of resident individual.

Nov 11, 2019 hi, the exemption under section 54b is available when any agriculture land is sold and investment is made in the purchase of agricultural landurbanrural. Income tax amendment act 90 of 1962 income tax amendment act 6 of 1963 income tax act 72 of 1963 income tax act 90 of 1964 income tax act 88 of 1965 income tax act 55 of 1966 income tax act 95 of 1967 income tax act 76 of 1968. Section 57 of income tax act 1961 deductions is defined under section 57 of income tax act 1961. Latest income tax act sections list has been provided for finance people. As per this section, the value of sale consideration should not be less than the stamp duty value which is assessed by the stamp valuation authority. Income tax act 21 of 1995 income t ax act 36 of 1996 revenue laws amendment act 46 of 1996. Interpretation 1 in this act, unless the context otherwise requires. Amendments to the finance bill, 2018 as passed by the. Section 56 of income tax act 19612017 provides for income from other sources. Mar 24, 2020 few other examples for better understanding of section 54 of the income tax act, 1961. Collection of tax from transfer of share of shareholder of stock exchanges. Summary of sections income tax act 1961 is available for download at the excellent download file is in the format of pdf.

Clubbing of income under income tax act, 1961 section 60. The income chargeable under the head income from other sources shall be computed after making the following deductions, namely. Income tax act 58 of 1962 south african government. Section 50c deals with the computation of capital gain on sale of land or building or both which is held as capital asset. Inclusion of others incomes in the income of the assessee is called clubbing of income and the income which is so included is called deemed income. In computing the total income of a previous year of any person, any income falling within any of the. Clarification in respect of option exercised under section 115bba of the incometax act, 1961 inserted through the recent ordinance. Clubbing of income under income tax act, 1961 section 60 to 64. Students taking ca intermediate ca ipcc exams or students preparing for. Companies income tax act an act to consolidate the provisions of the companies income tax act 1961 and to make other provisions relating thereto. For meaning of the term assessee, see taxmanns direct taxes manual, vol. Substituted for sections 48, 49 and 50 by the taxation laws amendment and miscellaneous provisions act, 1986, w. Section 1 of the income tax act, 1961 an overall view. Section 57 of income tax act deductions section 57.

Capital gain arising on sale of the house amounted to rs. Provisions of section 54 of income tax act, 1961 section 54 of incometax act, 1961 provides for tax exemption on long term capital gains that result from sale of residential house property, provided that the residential house was sold after 3 ye. Clarification in respect of option exercised under section 115bba of the income tax act, 1961 inserted through the recent ordinance. Section 55 in the income tax act, 1995 indian kanoon. Section 10, incometax act, 1961 2015 chapter iii incomes which do not form part of total income incomes not included in total income. Section 54 of income tax act 1961 provides tax exemption on capital gains that result from sale of residential house property.

Income tax case laws section wise containing decisions of supreme court, high court, tribaul, cestat, cegat, aar, advance ruling authority etc. Where capital gains is not levied on a transfer of capital asset between a. Income tax act 55 of 1966 income tax act 95 of 1967. Feb 12, 2020 what is section 50c of income tax act. Imposition of tax there is hereby imposed a tax on the income a of individuals, communities and families. Meaning of adjusted, cost of improvement and cost of acquisition for the purposes of 1 sections 48 and 49,2 omitted by the taxation laws amendment and miscellaneous provisions act, 1986, w. For understanding the overall concept of income tax law in india, one should have to know the title or contents topics covered under sections 1 to 298 of income tax act, 1961 as amended by the. Rebate of incometax in case of individuals of sixtyfive years or above omitted. Mar 25, 2018 provisions of section 54 of income tax act, 1961 section 54 of income tax act, 1961 provides for tax exemption on long term capital gains that result from sale of residential house property, provided that the residential house was sold after 3 ye. Interpretation part ii imposition and general characteristics of the tax 3. Income tax act 1961 complete act citation 530 bare act.

Section 45 of income tax act, 1961 provides that any profits or gains arising. Download the list of sections of income tax act, 1961 in pdf and excel format. An amendment to section 54 of income tax act was introduced in budget 2014 according to which starting financial year 201415, exemption under section 54 will be available only if the capital gains amount will be reinvested in 1 residential house only. Being substituted by the following by the finance act, 1995, w.

Few other examples for better understanding of section 54 of the income tax act,1961. Students taking ca intermediate ca ipcc exams or students preparing for taxation will find the file very useful. Exemptions section 51i of the wealthtax act, 1957 adit vs. As per the finance act, 2012, incometax is required to be deducted under section 192 of the incometax act 1961 from income chargeable under the head salaries for the financial year 2012 i. Apportionment of income between spouses governed by. What are the provisions of section 54 of the incometax. An act to provide for the taxation of incomes and matters connected therewith. Income tax act 55 of 1966 income tax act 95 of 1967 income tax act 76 of 1968.

Section page contents division one 111 income tax act, 1961 page u arrangement of sections i3 u text of the income tax act, 1961 as amended by the finance act, 2011 1. Section 55 provides the basis for ascertaining the cost of. Income tax act 21 of 1995 income t ax act 36 of 1996. Apportionment of income between spouses governed by portuguese civil code. Section page contents division one 111 incometax act, 1961 page u arrangement of sections i3 u text of the incometax act, 1961 as amended by the finance act, 2011 1. Hi, the exemption under section 54b is available when any agriculture land is sold and investment is made in the purchase of agricultural landurbanrural. As per section 50 the value of the car is to be taken at 8,50,000 and the depreciation for the year is to be calculated on 8,50,000 and not 8 lacs. Domestic company means an indian company, or any other company which, in respect of its income liable to tax under this act, has made the prescribed arrangements for the declaration and payment, within india, of the dividends including dividends on preference shares payable out of such income. Text of remaining provisions of allied acts referred to in incometax act 1. Article explains what is meant by cost of acquisition section 55, cost of. Income tax act 1961 complete act citation 530 bare.