FAQ

1. Applicability of section 44ADA Section 44ADA is applicable to small taxpayers engaged in specific profession. 2. Who are the eligible persons to adopt presumptive taxation scheme under section 44ADA? This scheme is applicable to resident Individual and partnership firm (other than LLP) engaged in specified professions whose total gross receipts does not exceed 50 […]

1. What is section 54GB of Income-tax Act? Section 54GB of Income-tax Act provides exemption in respect of Long term capital gains arising from transfer of Residential property (land or house). 2. Can I claim exemption under section 54GB in respect of short term capital gain? No, exemption under section 54GB can be claimed only

1. What is section 54EE of Income-tax Act? Section 54EE of Income-tax Act provides exemption in respect of long term capital gain which arises during sale/transfer of any capital asset. 2. Can I claim exemption under section 54EE in respect of short term capital gain? No, exemption under section 54EE can be claimed only in respect of

1. What is presumptive taxation scheme? Presumptive taxation scheme is a scheme offered for the benefit of small taxpayer, exempting them from maintenance of books of accounts and audit. 2. What are the various presumptive taxation schemes offered under Income tax act, 1961? 3. Who are eligible to opt for presumptive taxation scheme under section

1. What is Capital gain? Any profit arising from sale or Transfer of a capital asset is called Capital Gain and shall be chargeable to tax in the year in which the transfer took place. 2. What do you mean by capital asset? You can find a detailed article about capital assets in our website,Follow

1. What is section 54GA of Income-tax Act? Section 54GA of Income-tax Act provides exemption of capital gains on transfer of assets of industrial undertaking from urban area to special economic zone. 2. Can I claim exemption under section 54GA in respect of short term capital gain? Yes, exemption under section 54G can be claimed

1. What is section 54G of Income-tax Act? Section 54G of Income-tax Act provides exemption in respect of capital gains arising from transfer of assets of industrial undertaking from urban area to any area other than an urban area. 2. Can I claim exemption under section 54G in respect of short term capital gain? Yes,

1. What is section 54EC of Income-tax Act? Section 54EC of Income-tax Act provides exemption in respect of long term capital gain which arises during sale/transfer of Land or building or both. 2. Can I claim exemption under section 54EC in respect of short term capital gain? No, exemption under section 54EC can be claimed only in

1. What is section 54D of Income-tax Act? Section 54D of Income-tax Act provides exemption in respect of capital gain which arises during the compulsory acquisition of land or building forming part of an industrial undertaking. 2. Can I claim exemption under section 54D in respect of short term capital gain? Yes, exemption under section

1. What is section 54F of Income-tax Act? Section 54F of Income-tax Act provides exemption of long term capital gain on sale of any capital asset (other than a residential house property). 2. Who can claim exemption under section 54F? Only Individual / HUF can claim exemption under section 54F. 3. Whether exemption under section 54F can