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............................................................................................................................Description Capital Gains Tax, Securities Transaction Tax and Gift Tax Highlights:-• Investments in Bond to Avail Exemption Restricted• Security Transaction Tax• Exemption of Long Term Capital Gains Tax on Securities• Concessional Rate of 10% on Short Term Capital Gains on Shares• Rebate of Security Transaction Tax paid from I.T. on Business Income• TDS on Payment on Compulsory Acquisition• Changes in Taxation of Gifts• Capital Gain on Sweet Equity• New Case Laws ............................................................................................................................Contents Part I - Law and Practice1. Introduction2. Capital Asset3. Transfer of Capital Asset4. Transactions Not Treated as Transfer5. Capital Gains v. Business Income6. Computation of Capital Gains — Sections 48, 49, 51 and 55 7. Cost of Acquisition 8. Cost of Improvement9. Indexation10. Capital Gain and Valuation for Stamp Duty11. Overview of Exemption From Capital Gain Tax — Sections 54 to 54Ec12. Agriculture Land and Capital Gain13. Transfer of Residential Property and Exemption — Section 54 14. Transfer of any Property and Exemption — Section 54EC15. Transfer of Any Capital Asset and Purchase of Residential House — Section 54F16. Compulsory Acquisition of an Industrial Undertaking — Section 54D 17. Shifting of Industrial Undertaking — Section 54G18. Shifting of Industrial Undertaking from Urban area to Special Economic Zone19. Transfer of Listed Securities and Exemption — Section 54ED20. Extension of Time to Acquire Assets — Section 54H21. Capital Gains Accounts Scheme22. Compulsory Acquisition — Section 45(5)23. Insurance Amount Received And Capital Gain — Section 45(1 A) 24. Depreciable Assets and Capital Gain — Sections 50 and 50A 25. Conversion of Capital Asset — Sections 45(2), 2(22B) and 2(47)26. Shares and Securities and Capital Gain.27. Securities Transaction Tax 28. Slump Sale — Sections SOB and 2(42C).29. Non-residents and Capital Gain — Sections 48, 115F, 115AB, 115AC, 115AD and 115E 30. Partnership and Capital Gains — Sections 45(3) and 45(4)31. Reference to Valuation Officer — Section 55A32. TDS on Payment of Compensation on Acquisition of Immovable Property — Section 194LA.33. Capital Gain and Advance Tax — Sections 207 to 211 34. Set Off and Carry Forward of Capital Loss — Sections 70, 71, 74 and 139(3) 35. Capital Gain on Sweat Equity, Buy-Back of Shares and Demat Securities36. Gapital gains and double tax avoidance agreements37. Comprehensive Examples 38. Income Tax Rates.39. Gift — Taxable as Deemed Income.Part II - Relevant Circulars and Notifications1. Capital Gains Deposit Scheme [GSR 724(B), dated 22-6-1988]2. Rural Agricultural Land3. Inherited Property — Cost of Acquistion 4. Business converted into Limited Company — Whether question of charging capital gains should also be considered5. Earnest Money invested in specified assets before date of transfer6. Investment in a flat under the Self-Financing Scheme of the Delhi Development Authority7. Exemption under Section 54 — Self Occupied Residential House8. Plots/Houses allotment by Co-operative Society 9. Inclusion of Cost of Plot for exemption under Sections 54 and 54F10. Urban Areas for the purposes of Section 54G11. Transactions in Securities — 'Date of Transfer' 12. Unutilised Deposit in the hands of the Legal Heirs13. Securities Lending Scheme.14. Shares etc. under the Depository System15. Capital Gains in receipt of Insurance Claim16. Conversion of Capital Asset into Stock-in-Trade 17. Treatment of Deep Discount Bonds and STRIPS18. Urban areas for the purposes of Section 54G19. Urban areas for the purposes of Section 54G20. Urban areas for the purposes of Section 54G21. Instructions on TDS on Capital Gains to NRI22. Notified Cost Inflation Index for financial year 2006-0723. Extension time to Invest in Specified Bonds During the financial Year 2006-07Part III - Relevant Sections1. Relevant Sections from The Income Tax Act as amended by the Finance Act, 2006 2. Relevant Sections from Wealth Tax Act 3. Securities Transaction Tax Rules, 2004 Relevant Sections from Securities Transaction Tax Act Notes on Securities Transaction Tax Rules, 2004 List of Bse-500 Index of the Stock Exchange, Mumbai as on 1-3-2003 ............................................................................................................................Author Details P.L. Subramanian, B.Com., A.C.A., C.A.I.I.B. ............................................................................................................................
