The Central Government fixes the cost inflation index and publishes it in its official gazette for measuring inflation. This index, notified each year by the Government is defined under Section 48 of the Income Tax Act, 1961.
As per section 48(2) of the Income Tax Act “the CII” shall be deemed to be 686 for the assessment […]
Due to the country’s massive population, there is always a high demand for real estate in India, which usually outnumbers supply. This demand-supply relationship, as well as people’s desire to acquire more, causes real estate prices to rise, resulting in significant gains for the seller. Such gains are unlikely to fall outside of the tax rate. […]
Section 54 – Capital Gain Exemption: A residential home sale is a capital asset sale, and the profit is taxed as a capital gain.
Property of any sort, moveable or immovable, tangible or intangible, owned by the assessee for whatever purpose is included in the definition of capital asset under section 2(14) of the Income Tax […]
