“CERTAIN ISSUES ON CAPITAL GAINS”
1.
What are the essential conditions to be satisfied for taxation of profits under the
head “Capital Gains”
2.
When does a capital gain arise?
3.
What is a capital asset?
4.
What is the meaning of the word ‘property’?
5.
To attract capital gains is it necessary that the asset transferred should be a capital
asset on the date of acquisition as well as on the date of transfer?
6.
What shall be the treatment of capital gain on asset transferred to the spouse
without adequate consideration?
7.
Will transfer of an asset result in business income or capital gain?
8.
What are ‘personal effects’? What is the meaning of ‘held for personal use’?
9.
Is agricultural land a capital asset?
10.
Whether residential status of an assessee has any bearing on the taxation of capital
gain?
11.
R transfers his agricultural land to G.
He converts the agricultural land to non-
agricultural land and divides it into plots and sells the same as house sites.
Whether
transfer of land would give rise to capital gain tax in the hands of R?
12.
What are kinds of capital gain and what is the reason for classifying the same?
13.
What is a short-term capital asset?
14.
What is a long-term capital asset?
15.
What is the period to be included or excluded for the purposes of computing the
period of holding of an asset?
16.
What shall be the method of determining the period of holding where securities are
acquired at different point of time?
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17.
Will the date on which the asset is transferred be included in the period of holding of
the asset?
18.
Where an assessee constructs a building on a land purchased much earlier, from
when will be period of holding be reckoned?
19.
How would you compute capital gain, if consideration received on the above case is a
lump sum consideration both for land and building?
20.
What is the period of holding of shares where call money is paid after allotment?
21.
What is period of holding of flat allotted in the housing scheme?
22.
What is ‘transfer’ in relation to a capital asset?
23.
Does mortgage of property amount to a sale?
24.
At what point of time will transfer take place in case of development agreement for
capital gain purpose?
25.
In case of sale of motor vehicles, does mere delivery of the vehicle constitute
transfer?
26.
What is the position regarding capital gains in case of extinguishment of any right in
an asset after insertion of section 45(1A)?
27.
Is there a transfer in a case where the capital asset is converted or treated by the
owner as stock-in-trade of a business carried on by him?
28.
Where stock-in-trade is converted into capital asset can it be treated as transfer?
29.
Does a transaction involving the allowing of the possession of any immovable
property to be taken or retained inn part performance of the contract of the nature referred
to in section 53A of the Transfer of Property Act amount to transfer?
30.
Does any transaction which has the effect of transferring or enabling the enjoyment
of any immovable property (whether by becoming a member of, or acquiring shares in a cooperative society, company or other association of persons by way of any agreement or
arrangement or any other manner whatsoever) amount to transfer?
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31.
Whether redemption of preference share or conversion of preference share into
ordinary share is a transfer?
32.
Will conversion of firm into a company under the provisions of Part IX of the
Companies Act be regarded as a transfer and liable to capital gain?
33.
Is there a transfer in case of a family settlement?
34.
What are transactions which are not regarded as transfer?
35.
How do we compute capital gain on the transfer of a capital asset?
36.
Will solatium in the case of compulsory acquisition form part of full consideration?
37.
Is capital gains taxable on accrual basis or on receipt basis?
38.
What is cost of acquisition?
39.
Will cost of acquisition include expenses incurred in completing the title of the asset
acquired?
40.
Will interest on money borrowed for acquiring capital assets form part of cost of
asset?
41.
Will sum paid for discharge of mortgage form part of cost of asset?
42.
In which cases will the cost of acquisition be taken to be the cost for which the
previous owner acquired the property?
43.
What shall be the cost of acquisition of assets acquired before 1-4-1981?
44.
What shall be the cost of acquisition of goodwill of a business or a trade mark or
brand name associated with business or right to manufacture, produce or process any
article or things or right to carry on any business, tenancy rights, stage carriage permits or
loom hours?
45.
What shall be the cost of acquisition of right shares?
46.
what shall be the cost of acquisition of bonus shares or any other financial asset
allotted without payment?
47.
What shall be the cost of acquisition of depreciable assets?
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48.
What shall be the cost of acquisition of any property acquired in a manner given
under section 56(2)(vii) i.e., acquired without consideration or for an inadequate
consideration?
49.
What is the treatment of advance money received and retained by the assessee?
50.
What is ‘cost of improvement’?
51.
What is indexed cost of acquisition?
52.
How is indexed cost of acquisition determined in case of assets acquired from the
previous owner?
53.
How is indexed cost of acquisition determined in case of assets acquired from the
previous owner who had acquired the assets before 1.4.1981?
54.
In which cases are indexation of cost not allowed?
55.
What shall be the treatment of capital gain which accrues or arises in foreign
currency?
56.
How to compute capital gain in case of amount received from an insurer on account
of damage or destruction of any capital asset/stock-in-trade?
57.
Will there be a capital gain if a capital asset is converted in to stock-in-trade? If so,
how will capital gains be computed?
58.
How to compute capital gain on transfer of capital asset by a partner/member to a
firm/AOP/BOI as capital contribution?
59.
How to compute capital gain on transfer of a capital asset by way of distribution on
the dissolution of a firm, AOP/BOI?
60.
How to compute capital gain on transfer by way of compulsory acquisition of an
asset?
61.
In case of compulsory acquisition of an asset what shall be the cost of acquisition
and cost of improvement for enhanced compensation?
62.
What shall be the treatment where compensation is received by legal heirs?
63.
Is interest awarded on enhanced compensation taxable?
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64.
What shall be the treatment of compensation towards the injury of un-acquired
portion?
65.
How to compute capital gain on conversion of debentures into shares?
66.
Will there be a capital gain on the transfer of asset where the cost of acquisition of
such asset is indeterminate?
67.
How is capital gain computed on sale of goodwill of a business/trademark or brand
name/tenancy rights/route permits or loom hours, right to manufacture or right to carry on
any business?
68.
How to compute capital gain on transfer of depreciable assets?
69.
What are the special provisions for computation of capital gains in case of slump
sale?
70.
What shall be the cost of acquisition of assets in case of slump sale of a business
specified under section 35AD?
71.
What are the special provisions for computation of capital gains in case of real estate
transactions?
72.
What is the treatment of transfer of securities by depository?
73. What is treatment of capital gain if a firm or a proprietary concern is succeeded by a
company?
74.
How is capital gain computed in the case of transfer of shares/debentures of an
Indian company by non-residents?
75.
What are the provisions of income tax regarding exemption of capital gains on
compensation received on compulsory acquisition of agricultural land situated within
specified urban limits?
76.
What are the provisions of Income tax regarding exemption of long term capital
gains arising from sale of shares and units?
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77.
What are the provisions of Income tax relating to
property
received
without
consideration
or
for
capital gains on transfer of
inadequate
consideration,
if
sold
subsequently?
78.
How can an assessee claim exemption in respect of long-term capital gain arising on
the transfer of a residential house?
79.
Can an assessee claim exemption under section 54 by investing in the construction
of a new floor on an existing house?
80.
To claim exemption under section 54, can an assessee acquire more than one house?
81.
Can exemption under section 54 be claimed by legal heirs in the event of the death
of the assessee?
82.
Can assessee acquire part of the house to claim exemption under section 54?
83.
Can exemption under section 54 be claimed if the assessee acquired property in the
name of his wife instead of acquiring it in his own name?
84.
Can exemption under section 54 be claimed by acquiring house with the borrowed
money?
85.
Can exemption under section 54 be claimed by acquiring a residential house outside
India?
86.
For claiming exemption under section 54, can construction of house property be
started before the residential house property is transferred?
87.
Can assessee claim exemption under section 54 by investing the long-term capital
gain both for purchase and construction of residential house property?
88.
Is cost of land included in the cost of the house property constructed or acquired to
claim the exemption under section 54?
89.
What is the scheme of deposit in a Capital Gains Accounts Scheme, 1988 for claiming
exemption under section 54?
90.
What are the consequences where the new house purchased and/or constructed is
transferred within a period of three years of its purchase or construction?
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91.
What are the consequences where the amount deposited in the Capital Gains
Accounts Scheme is not utilized for the purchase or the construction of a residential house
within the specified period?
92.
What will be the treatment of unutilized deposit amount in the Capital Gains
Accounts Scheme 1988 in the case of the death of the assessee?
93.
How can an assessee claim exemption in respect of capital gain arising on
compulsory acquisition of land and buildings forming part of an industrial undertaking?
94.
What is scheme of deposit in Capital Gain Accounts Scheme, 1988 for claiming
exemption under section 54D?
94.
Can an assessee claim exemption in respect of long-term capital gains by making
investments in certain specified assets?
95.
Can an assessee claim benefit under section 54EC in respect of capital gain on
transfer of depreciable assets?
96.
How can an assessee claim exemption in respect of long-term capital gain on
transfer of any asset other than residential house if he wishes to invest in a residential
house?
97.
How can an assessee claim exemption in respect of capital gain on transfer of assets
in cases of shifting of industrial undertakings from urban areas?
98.
Is there any exemption available on capital gain on transfer of assets of shifting of
industrial undertaking from urban area to any special economic zone?
99.
If the total income of an assessee without including long-term capital gains is less
than maximum exemption limit can he claim exemption of the balance amount from longterm capital gain?
100.
Can assessee claim deductions under section 80C to 80U from long-term capital
gains?
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