Income of a person to include income of spouse, minor child etc.
Everyone should know about the benefits of section 80g.
When calculating a person...
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Income from other sources that is included in the assessee's overall income
Income Transfer without Asset Transfer
When an individual transfers an income to another without also t...
Deductions
The following deductions must be made before computing the revenue that falls under the heading "Income from other sources," namely:-
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Income from different sources
If income is not subject to income tax under any of the headings listed in section 14, items A to E, it is subject to income tax under the head "Income from other sources." This applies to any income that is not to be exclude...
Exemption from capital gains tax when an industrial venture relocates from an urban area
When the capital gain results from the transfer of a capital asset, such as machinery, plant, building, land, or any rights in building or land used for the business of an industrial undertaking located in an urban area, which is accom...
Exemption from capital gains on transfer of residential house property
Due to a specific cause, a guy decided to move; as a result, he sold his old home and used the funds to buy a new one. In this instance, the seller's goal was to purchase another appropriate property rather than to make money by se...
Capital gain on the transfer of long-term capital assets is not to be charged in certain cases
When the assessee has invested all or a portion of capital gains in any of the assets specified by the Board in this regard by notification in the Official Gazette, at any time within six months of the date of such transfer, and the ca...
Capital gain on the transfer of long-term capital assets is not to be charged in the case of investment in specified securities
If a long-term capital asset was transferred before the first day of April 2000 and there was a capital gain (the capital asset so transported being hereafter in this section referred to as the original asset) and the assessee has inve...
Income under the capital gains
Chargeability
If the requirements below are met, capital gains will be subject to tax:-...
Capital gain on the compulsory acquisition of lands and buildings is not to be charged in certain cases
When the capital gain results from the transfer of a capital asset—such as land or a building or any right in land or a building—that is a part of an industrial undertaking owned by the assessee and that, in the two years prior to th...