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Commentary
As amended up to the Finance (No.2) Act, 2019
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36 Records 
WHAT IS CAPITAL GAINS
1.1 Concept of capital gains
1.2 Legislative background for taxation of capital gains in India
WHICH INCOME IS TAXABLE UNDER THE HEAD “CAPITAL GAINS”
2.1 Charging sections - Sections 45, 46 and 46A
2.2 Conditions to be fulfilled for taxing capital gains
2.3 Tax-free capital gains
2.4 Whether situs/location of a capital asset matters for taxability of capital gains
What is ‘Capital asset’
3.1 Definition of 'capital asset' in section 2(14) of the Act
3.2 "Property"
3.3 Property held as stock-in-trade is not capital asset
3.4 Consumable stores or raw materials held for business/profession not a capital asset
3.5 Personal effects are not capital assets
3.6 Jewellery is 'capital asset'
3.7 Paintings are capital assets
3.8 Work of art/drawings are capital assets
3.9 Sculptures are capital assets
3.10 Archaeological collections are capital assets
3.11 Immovable property (except stock-in-trade and rural agricultural land) are capital assets
3.12 Silver bars/bullion/sovereigns/silver coins are capital assets and not personal effects
3.13 Silver utensils are personal effects and not capital assets
3.14 Agricultural land situated in India in rural area is not a capital asset
Types of capital assets : Short-term capital assets and long-term capital assets
4.1 Classification of capital asset into short-term capital asset and long-term capital asset
4.2 How to compute the holding period of a capital asset
WHAT IS TRANSFER
5.1 Definition of 'transfer' in section 2(47) of the Act
5.2 Meaning of 'transfer'
5.3 Transfer by sale
5.4 Transfer by exchange
5.5 Transfer by relinquishment
5.6 Extinguishment of any rights in a capital asset
5.7 Compulsory acquisition of a capital asset under any law
5.8 Conversion of a capital asset into stock-in-trade
5.9 Part performance of a contract of sale of immovable property
5.10 Transfer of rights in immovable properties through the medium of co-operative societies, companies, etc.
5.11 Transfer by a person to a firm or other association of persons [AOP] or body of individuals [BOI]
5.12 Distribution of capital assets on dissolution
5.13 Distribution of money or other assets by the company on liquidation
5.14 The maturity or redemption of a zero coupon bond
5.15 Family arrangement - Whether transfer
WHICH TRANSFERS DO NOT GIVE RISE TO TAXABLE CAPITAL GAINS
6.1 Transfers which do not give rise to taxable capital gains
6.2 Distribution by a HUF on Total/Partial Partition
6.3 Transfer of capital asset under a gift or a will or irrevocable trust
6.4 Transfers of capital assets between a parent company and its 100% subsidiary company
6.5 Transfer of capital asset by amalgamating company to amalgamated company
6.6 Transfer of shares held in an Indian Company by amalgamating foreign Co. to amalgamated foreign Co.
6.7 Transfer on amalgamation of banking company with a banking institution
6.8 Transfer by demerged company to resulting Indian company
6.9 Transfer of shares by demerged foreign company to resulting foreign company
6.10 Transfer in reorganization of co-operative banks
6.11 Transfer of shares in amalgamation or demerger of Co-operative Banks
6.12 Transfer by a shareholder in a scheme of amalgamation
6.13 Transfer by non-resident of bonds/GDRs
6.14 Extension of capital gain exemption to Rupee Denominated Bonds
6.15 Exemption from tax to transfer of G-Sec. by one non-resident to another - Section 47(viib)
6.16 Transfer of works of art, etc.
6.17 Conversion of bonds, debentures, debenture-stock or deposit certificates into shares or debentures
6.18 Conversion of FCCBs into shares/debentures
6.19 Tax neutral conversion of preference shares to equity shares [Section 47(xb)]
6.20 Transfer of land of sick industrial company
6.21 Succession of firm by company
6.22 Transfer of capital asset by AOP/BOI in course of demutualization/corporatization of stock exchange
6.23 Transfer of membership right in recognized stock exchange
6.24 Conversion from general partnership to LLP - Whether gives rise to taxable capital gains
6.25 Conversion of private company/unlisted public company into LLP
6.26 Transfer of proprietorship to company
6.27 Transfer in a scheme for lending of any securities
6.28 Reverse mortgage transactions by senior citizens - i.e. individuals aged 60 years or more
6.29 Taxation of capital gains arising to sponsor on conversion of SPV shares into units of business trust [Section 47(xvii)]
6.30 Tax neutrality on merger of similar schemes of Mutual Funds
YEAR OF TAXABILITY OF CAPITAL GAINS
7.1 Introduction
7.2 Insurance claim
7.3 Conversion of asset into stock-in-trade
7.4 Transfer by depository or participant of beneficial interest in securities
7.5 Transfer of assets by way of capital contribution
7.6 Distribution of assets on dissolution of Firm/AOP/BOI or otherwise
7.7 Compulsory acquisition
7.8 Enhanced compensation on compulsory acquisition
7.9 Year of taxability of capital gains when owner of land transfers land to developer under Joint Development Agreement
7.10 Entitlement to goodwill
7.11 Transfer by partner of right in firm's asset for consideration payable in instalments
7.12 Accrual of right to receive profits determinative
7.13 Sale of part of asset
COMPUTATION OF CAPITAL GAINS - SHORT-TERM CAPITAL GAINS AND LONG-TERM CAPITAL GAINS
8.1 Tax incidence depends upon whether capital gains is long-term capital gains or short-term capital gains
8.2 How to compute short-term capital gains
8.3 How to compute long-term capital gains other than long-term capital gains taxable under section 112A
8.4 How to compute long-term capital gains in respect of listed equity shares, equity-oriented MFs and units of business trust u/s 112A
8.5 Cases in which benefit of indexation of cost of acquisition/cost of improvement is not available for computing long-term capital gains
HOW TO COMPUTE FULL VALUE OF CONSIDERATION
9.1 Existence of consideration - A prerequisite for taxability as capital gains
9.2 'Consideration'
9.3 Full value of consideration
9.4 Fair market value
9.5 Computation of capital gains in real estate transactions - Section 50C
9.6 Conversion by the owner of a capital asset into, or its treatment as, stock-in-trade of a business carried on by him [Section 45(2)]
9.7 Contribution of capital asset to firm/LLP/AOP/BOI by partner/member - Section 45(3)
9.8 Distribution of capital assets on dissolution of firm/LLP/AOP/BOI - Section 45(4)
9.9 Compulsory acquisition under any law for the time being in force - Section 45(5)
9.10 Insurance claim received in respect of capital asset destroyed by act of god etc. - Section 45(1A)
9.11 Transfer by way of distribution of assets by company in liquidation to its shareholders - Section 46(2)
9.12 Special provision for full value of consideration for transfer of unquoted share - Section 50CA
9.13 Where the consideration is not ascertainable or cannot be determined - Section 50D
WHAT IS EXPENDITURE ON TRANSFER OF CAPITAL ASSETS
10.1 Cost of Transfer
10.2 Interest paid on borrowings for acquisition of capital asset - Whether part of cost of transfer
10.3 Payment to tenant to get property vacated - Whether cost of transfer
10.4 Legal expenses incurred for obtaining Compensation for compulsory acquisition - Whether deductible as cost of transfer
10.5 Expenditure incurred for obtaining probate of the will - Whether deductible as cost of transfer
10.6 Transfer charges paid to co-operative society - Whether deductible as cost of transfer
10.7 Expenditure incurred before or after passing of title - Whether deductible
10.8 Liability/obligation - Whether cost of transfer
10.9 Interest on provident fund loan - Whether deductible as cost of transfer
10.10 Damages for mental agony and suffering - Whether deductible
10.11 Expenses on staff after the takeover of undertaking
10.12 Amount paid for getting land acquired by Government
10.13 Where option under section 55(2)(b)(i) is exercised
10.14 Payment for freeing property of encumbrance - Whether deductible
10.15 Payment for release of interest - Whether deductible
10.16 Brokerage - Whether deductible
10.17 Assumed value of solatium
10.18 Amount embezzled
10.19 Interest on delayed payment of unearned increase
WHAT IS COST OF ACQUISITION
11.1 Meaning/definition of cost of acquisition
11.2 Ground rent - Whether deductible as COA
11.3 Interest on moneys borrowed to purchase asset - Whether deductible as COA
11.4 Interest paid to partners - Whether COA
11.5 Payment to estate of deceased partner - Whether COA
11.6 Litigation expenses to register transfer of shares is COA of shares
11.7 Payment having no connection with the capital asset
11.8 Agricultural land becoming capital asset by notification - How COA to be computed
11.9 Income-tax dues - Whether COA
11.10 Sums paid under will - Whether COA
11.11 Urban land tax and other taxes - Whether COA
11.12 Cost of acquisition of shares obtained in family settlement
11.13 Subsequent events do not affect cost of acquisition
11.14 Date of acquisition
11.15 COA where asset becomes capital asset after acquisition but before sale
11.16 Cases in which the Act deems cost of acquisition of capital asset to be nil
11.17 Cases in which cost of acquisition deemed to be cost to the previous owner
11.18 Cost of acquisition of shares of amalgamated company in exchange for shares of amalgamating company - Section 49(2)
11.19 Cost of shares/debentures acquired on conversion of bonds/debentures/deposit certificates/FCCBs into shares/debentures - Section 49(2A)
11.20 Cost of acquisition of ESOPs/sweat equity shares - Section 49(2AA)/section 49(2AB)
11.21 Cost of acquisition in case of unit of business trust acquired by sponsor in exchange for shares in SPV
11.22 Cost of acquisition of shares in the resulting company in a demerger and cost of original shares in demerged company
11.23 Cost of acquisition of intangible assets purchased
11.24 Capital asset acquired by a shareholder on distribution of its assets in liquidation - Section 55(2)(b)(iii)
11.24 Cost of acquisition of bonus shares
11.25 Where conditions for exemption of transfers between parent and its 100% subsidiary are violated subsequently
11.26 Cost of acquisition of shares acquired on stock-splits etc.
11.27 Cost of acquisition of rights shares
11.28 Cost of acquisition of capital asset acquired very long ago
11.29 Cost of acquisition of immovable property taxed as gift
11.30 Cost of acquisition of jewellery, bullion, shares and securities, paintings, sculptures etc. taxed as gifts under section 56(2)(vii)/(viia)/(x)
11.31 Cost of acquisition in case of depreciable assets on which depreciation allowed at SLM rates - Section 50A
11.32 Cost of acquisition in case of slump sale - Section 50B
11.33 Where enhanced compensation is received
11.34 Cost of acquisition of certain assets - Calves, colts, trees etc.
11.35 Shares acquired by non-resident assessee on redemption of GDRs
11.36 Tax neutrality on merger of similar schemes of Mutual Funds
WHAT IS COST OF IMPROVEMENT
12.1 Cost of improvement - Definition
12.2 Allowance of deduction
12.3 Expenses incurred by persons other than assessee
12.4 Improvement of title
12.5 Assets acquired before 1-4-1981 and transferred in any previous year relevant to AYs 1992-93 to 2017-18
12.6 Assets acquired before 1-4-1981 and transferred in any previous year relevant to AY 2018-19 or subsequent AY
12.7 Assets acquired after 1-4-1981 but on or before 31-3-2001 and transferred in any previous year relevant to AY 2018-19 or subsequent AY
12.8 Assets acquired after 1-4-2001
12.9 Expenditure not allowable as deduction
12.10 Taxability of advance for transfer of a capital asset where advance is forfeited (Sections 51 and 56)
12.8 Taxability of advance for transfer of a capital asset where advance is forfeited (Sections 51 and 56)
WHAT IS INDEXED COST OF ACQUISITION AND INDEXED COST OF IMPROVEMENT
13.1 Indexation benefit for computing long-term gains - Relief from inflation
13.2 Cases in which indexation benefit is not available for computing long-term capital gains :
13.3 Indexed cost of acquisition/improvement - Meaning of
13.4 Indexation benefit linked to period of holding of asset and not to its owner
13.5 Computation of indexed cost of acquisition/improvement
ROLLOVER DEDUCTION IN RESPECT OF PROFIT ON SALE OF PROPERTY USED FOR RESIDENCE [SECTION 54]
14.1 Provisions of section 54 in a nutshell
14.2 Conditions to be fulfilled for availing deduction under the regular section 54 scheme
14.3 Profit on sale of property used for residence [Section 54]
14.4 Sale of new residential house within 3 years
14.5 Capital Gains Accounts Scheme
14.6 Extension of time for acquiring new asset or depositing or investing capital gain [Section 54H]
14.7 Assessee availing section 54 relief required to file ITR w.e.f. AY 2020-21 even if his total income after relief is below threshold exemption limit
DEDUCTION OF ROLLOVER OF GAIN ON TRANSFER OF LAND USED FOR AGRICULTURAL PURPOSES [SECTION 54B]
15.1 Provisions of section 54B in brief
15.2 Gain on transfer of land used for agricultural purposes
15.3 Quantum of deduction under section 54B
15.4 Sale of new land within 3 years
15.5 Who can claim the exemption under section 54B
15.6 User of land for agricultural purposes in two years immediately preceding transfer
15.7 Whether new land purchased should be in assessee's name only to qualify for section 54B deduction
15.8 Purchase of new land before sale of old land
15.9 Capital Gains Accounts Scheme
15.10 Extension of time for acquiring new asset or depositing or investing capital gain
15.11 Assessee availing section 54B relief required to file ITR w.e.f. AY 2020-21 even if his total income after relief is below threshold exemption limit
ROLLOVER DEDUCTION IN RESPECT OF CAPITAL GAIN ON COMPULSORY ACQUISITION OF LANDS AND BUILDINGS [SECTION 54D]
16.1 Provisions of section 54D in a nutshell
16.2 Conditions to be fulfilled for claiming deduction u/s 54D in respect of capital gain on compulsory acquisition of lands and buildings
16.3 Quantum of deduction
16.4 Tax implications on sale of new asset within 3 years
16.5 Who can claim the exemption under section 54D
16.6 Industrial undertaking - Meaning of
16.7 Enhanced compensation
16.8 Exemption in case of depreciable assets
16.9 Capital Gains Accounts Scheme
16.10 Extension of time for acquiring new asset or depositing or investing capital gain
16.11 Assessee availing section 54D relief required to file ITR w.e.f. AY 2020-21 even if his total income after relief is below threshold exemption limit
ROLLOVER DEDUCTION IN RESPECT OF INVESTMENT OF CAPITAL GAINS IN SPECIFIED BONDS [SECTION 54EC]
17.1 Provisions of section 54EC in a nutshell
17.2 Pre-conditions for deduction under section 54EC
17.3 Ceiling on investment - Rs. 50 lakhs in a financial year
17.4 Transfer of specified asset within 3 years
17.5 Whether capital gains arising under section 50 is long-term capital gains for section 54EC purposes
17.6 Time-limit of 6 months for investment in specified bonds under section 54EC
17.7 Name in which bonds should be purchased
17.8 Specified bonds for investment under section 54EC
17.9 Direct nexus not required
17.10 Extension of time for acquiring new asset or depositing or investing capital gain
17.11 Assessee availing section 54EC relief required to file ITR w.e.f. AY 2020-21 even if his total income after relief is below threshold exemption limit
Capital Gains not to Be Charged on Investment in Units of a Specified Fund
18.1 Backdrop
18.2 Capital gains exemption on investment in specified funds - Section 54EE
DEDUCTION IN RESPECT OF LONG TERM CAPITAL GAIN INVESTED IN RESIDENTIAL HOUSE [SECTION 54F]
19.1 Provisions of section 54F in brief
19.2 Long term capital gain invested in residential house
19.3 Conditions for deduction
19.4 Quantum of deduction
19.5 Net consideration
19.6 Purchase/construction of second residential house
19.7 Date of purchase of new house
19.8 Sale of second vacant land and investment in second dwelling unit
19.9 Exemption for minor
19.10 No deduction for extension of house
19.11 Transfer of new residential house
19.12 Whether deduction is available if new house purchased in joint names of assessee and his wife
19.13 Capital Gains Accounts Scheme
19.14 Extension of time for acquiring new asset or depositing or investing capital gain
19.15 Assessee availing section 54F relief required to file ITR w.e.f. AY 2020-21 even if his total income after relief is below threshold exemption limit
TAX INCENTIVES FOR TRANSFER OF ASSETS ON SHIFTING OF INDUSTRIAL UNDERTAKINGS FROM URBAN AREA/SHIFTING OF INDUSTRIAL UNDERTAKING FROM URBAN AREA TO ANY SPECIAL ECONOMIC ZONE (SEZ) [SECTION 54G/54GA]
20.1 Provisions of section 54G/54GA in brief
20.2 Transfer of assets on shifting of industrial undertakings [Section 54G]
20.3 Conditions for deduction under section 54G
20.4 Quantum of deduction under section 54G
20.5 Sale of new asset within three years-tax implications
20.6 Shifting of industrial undertaking from urban area to any Special Economic Zone (SEZ) [Section 54GA]
20.7 Capital Gains Accounts Scheme
20.8 Assessee availing section 54G/54GA relief required to file ITR w.e.f. AY 2020-21 even if his total income after relief is below threshold exemption limit
TAX EXEMPTION FOR CAPITAL GAINS FROM SALE OF RESIDENTIAL PROPERTY IF INVESTED IN CAPITAL OF START-UP COMPANY - SECTION 54GB
21.1 Tax Exemption for long-term capital gains from selling residential property if the same is invested in equity shares of start-up company
21.2 Conditions to be satisfied for availing tax relief in respect of capital gains by investment in shares of a company which is "eligible start-up"
21.3 Promoter selling his residential property and investing monies in its shares- is it efficient from point of view of explaining "source of source" under section 68
21.4 Assessee availing section 54GB relief required to file ITR w.e.f. AY 2020-21 even if his total income after relief is below threshold exemption limit
21.5 FAQs on section 54GB
Tax computation in respect of STCG
22.1 Tax on short-term capital gains
22.2 Equity Oriented Fund
Tax computation in case of long-term capital gains
23.1 Overall scheme of tax computation on LTCG
23.2 Tax on long-term capital gains from shares, securities and units
23.3 Tax on long-term capital gains other than from shares, securities and units
23.4 Concessional tax rate of 10% not applicable to long-term capital gains from units of GETFs/Debt-oriented mutual funds - Section 112(1)
Long-term capital gains tax on listed equity shares, units of equity-oriented Mutual Funds and units of business trusts
24.1 Taxation of long-term capital gains from listed equity shares and units of equity-oriented MFs upto AY 2018-19
24.2 New Scheme of taxation of long-term capital gains from listed equity shares, units of equity-oriented MFs and units of business trusts - Section 112A
24.3 Rationale behind the introduction of new scheme of taxation by the Finance Act, 2018
24.4 Conditions for applicability of new section 112A
24.5 Computation of tax
24.6 Computation of LTCG
24.7 Cost of acquisition (COA) of specified assets
24.8 New Section overrides section 112
24.9 Applicability of New Section to different assessees
24.10 Applicability of section 112 in certain cases
24.11 Computation of long-term capital gains under the New Section
24.12 Condition (b) : The total income of the assessee should include income chargeable as capital gains
24.13 Condition (c) : The asset has to be long term capital asset
24.14 Condition (d) : Section 112A applies only if LTCG arises from "Specified Asset"
24.15 Condition (e) : Section 112A is applicable if STT is paid
24.16 FAQs on Cost of acquisition of specified assets
24.17 Computation of tax if section 112A applies
24.18 Deductions under Chapter VI-A are not available qua capital gains under section 112A
24.19 Rebate under section 87A
24.20 Taxation of non-residents
24.21 Miscellaneous
24.22 Taxation of long term capital gains in the case of foreign institutional investor
REFERENCE TO VALUATION OFFICER
25.1 Statutory provisions
25.2 Valuation Officer
25.3 Valuation procedure
25.4 Purpose for which reference may be made
25.5 Binding nature of Valuation Officer's report
25.6 Where assessment is completed before receipt of valuation report
25.7 Where valuation report is not received
25.8 Reference after assessment
25.9 Reference cannot be made without giving opportunity and disclosing reasons
25.10 Second reference
25.11 Appeal
25.12 Appearance by registered valuer
25.13 Rectification of mistakes
25.14 Power to take evidence on oath, etc.
LOSS UNDER THE HEAD CAPITAL GAINS
26.1 Loss under the head 'Capital gains' - Whether same as capital loss
26.2 Carry forward and set-off of losses under the head 'Capital gains'
26.3 On Liquidation of Company
26.4 Revaluation of Investment
26.5 Where transaction of sale is genuine
26.6 Sum assessed as dividend under section 2(22)
26.7 Carry forward and set off
DISTRIBUTION OF ASSETS BY COMPANIES IN LIQUIDATION
27.0 Introduction
27.1 Coverage of section 46(2)
27.2 Nature of asset in the hands of shareholders
27.3 Liquidation of subsidiary company and application of section 46
27.4 Realisation of asset by liquidator
27.5 Distinction between 'a company in liquidation' and 'a company on liquidation'
27.6 Section 46(2) - A deeming provision
27.7 Section 46(2) is a charging provision
27.8 Liability to capital gains
HOW TO COMPUTE CAPITAL GAINS IN CASE OF BUYBACK OF SHARES/SPECIFIED SECURITIES
28.1 What is buy-back
28.2 Tax implications of buy-back for shareholder - Section 46A
28.3 Withholding tax of 20% of profits distributed by companies through buyback of shares
28.4 Amount received by the company in respect of issue of share
CAPITAL GAIN AND DEPRECIABLE ASSETS
29.1 Introduction
29.2 Statutory provisions of section 5
29.3 Power generation undertakings [Section 50A]
29.4 Legal decisions - In assessee's favour
29.5 Legal decisions - In Revenue's favour
SLUMP SALE
30.1 Introduction
30.2 Slump sale - Definition
30.3 Computation of capital gain from slump sale [Section 50B]
30.4 Negative Net Worth
30.5 Complete sale of unit or undertaking is a must
30.6 Lock, stock and barrel sale
30.7 Comparative study of slump sale and demerger
30.8 Audit certificate in Form No. 3CEA
30.9 Analysis of requirements of Form 3CEA
CAPITAL GAIN ON INTANGIBLE ASSETS
31.1 Goodwill
31.2 Route permits/stage carriage permits
31.3 Import licences/entitlements
31.4 Rights under a contract
31.5 Tenancy rights
31.6 Loom hours
31.7 Leasehold rights
31.8 Life interests
31.9 Remainderman's reversionary interest
31.10 Devaluation gain
31.11 Patent
31.12 Right to manufacture, produce or process any article or thing
31.13 Right to carry on any business or profession
CHARITABLE TRUST AND CAPITAL GAINS
32.1 Introduction
32.2 Trust wholly for charitable or religious purposes [Section 11(1A)(a)]
32.3 Trust in part for charitable or religious purposes [Section 11(1A)(b)]
32.4 Capital gains kept in fixed deposit in bank
32.5 Capital gain kept as deposit in public sector companies
32.6 Capital gain used for redeeming pledged asset
32.7 Capital gain used for acquiring English Mortgage
32.8 Advance receipt of sale proceeds used for regular objects
32.9 Time limit for reinvestment
32.10 New sub-section (7) of section 11
CAPITAL GAIN IN REAL ESTATE TRANSACTIONS
33.1 Immovable property
33.2 Period of holding immovable property before transfer to maximize tax advantages
33.3 Entering an agreement to sell does not transfer the property
33.4 Cash component of consideration should be less than Rs. 20,000 to avoid violation of section 269SS
33.5 Immovable property transactions between firm/LLP and partners
33.6 Membership of Co-operative Society
33.7 Mortgage transactions
33.8 Reverse Mortgage
33.9 Agricultural land
33.10 Deemed transfers
33.11 Deemed sale consideration - Section 50C
33.12 Section 50C vis-a-vis transfers under section 45(2), 45(3) and 45(4)
33.13 Exemptions under sections 54, 54EC and 54F
33.14 Development agreements (Joint Development Agreements)
33.15 Lease right
33.16 99 years lease
33.17 Sub-lease for 97 years
33.18 Composite consideration
33.19 Single transaction - Whether business
33.20 Repurchase of sold property
33.21 Mortgage followed by sale
33.22 Where auction sale is set aside
33.23 Taxation regime for REITs and InVITs
33.24 Real Estate Investment Trusts (REITs)
33.25 Infrastructure Investment Trust (InVIT)
33.26 Income-investment model of REITs and InVITs
33.27 Taxation regime introduced by the Finance (No. 2) Act, 2014 for REITs and InVITs
33.28 Definition of 'business trust'
33.29 Taxation of business trusts
33.30 STT levy on transactions in units of a business trust
33.31 Taxation of income in the hands of unit holder
33.32 Taxation of capital gains arising to sponsor on conversion of SPV shares into units of business trust
33.33 No TDS on interest income payable by SPV to business trust
33.34 Lower withholding tax rate of 5% on interest income in case of ECBs by business trust
ALTERNATIVE INVESTMENT FUNDS
34.1 Backdrop
34.2 New Special tax regime for AIFs
34.3 Taxation of income of investment fund
34.4 Taxation of unit holder
34.5 Amendments by Finance (No. 2) Act, 2019 so as to provide for pass through of losses in cases of Category I and Category II Alternative Investment Fund (AIF)
NON-RESIDENTS
35.1 No indexation benefit for non-residents in case of shares/debentures
35.2 Exemptions
35.3 Legal decisions
35.4 Transfer of shares by amalgamating foreign company to amalgamated foreign company
35.5 Units purchased in foreign currency
35.6 Capital gain on transfer of global depository receipts purchased in foreign currency
35.7 Capital gain in the case of foreign institutional investors [Section 115AD]
35.8 Non-residents referred to in Chapter XII-A
35.9 Meaning of the terms used
35.10 Working of the Chapter XII-A
35.11 Return of income not required to be filed in certain cases
POWER OF CBDT TO RELAX ANY REQUIREMENT FOR CLAIMING DEDUCTIONS
36.1 Power of CBDT under section 119(2)(c)
36.2 Section 119(2)(c) applies to sections 54 to 54GB
36.3 Application for relief on plain paper