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Tax Planning through Investments

Tax Planning through Investments

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Tax Planning through Investments

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  1. Tax Planning through Investments Exemptions available to INDIVIDUALtaxpayers. CA. Rajat Mohan B.Com(H),ACA, ACS, DISA

  2. SECTION 54B Exemption from capital gains on transfer of land used for agricultural purposes. CA. Rajat Mohan B.Com(H),ACA, ACS, DISA

  3. (A). TAXPAYER CATEGORY – Section 54B This exemption is available to individual taxpayer only. CA. Rajat Mohan B.Com(H),ACA, ACS, DISA

  4. (B). CONDITIONS – Section 54B • Original asset transferred criteria — The capital gain arises from the transfer of a capital asset being land. • Use of original asset criteria — This capital asset (Land) was being used by the assessee or his parent for agricultural purposes in 2 years immediately preceding the date on which the transfer took place. . CA. Rajat Mohan B.Com(H),ACA, ACS, DISA

  5. (B). CONDITIONS – Section 54B 3.New asset acquired criteria — The assessee has purchased any other land for using it for agricultural purposes, and such purchase is within a period of 2 years after date on which the transfer took place. In other words, exemption shall be available from Long Term as well as short-term capital gains 4. Non-transfer of new asset for 3 years —New Land so purchased shall not be transferred for a period 3 years from the date of its acquisition. However if this new land is transferred within this period then for the purpose of computing capital gains, the cost of acquisition shall be reduced by the amount of the capital gain exempted under this section. CA. Rajat Mohan B.Com(H),ACA, ACS, DISA

  6. (B). CONDITIONS – Section 54B 5. Capital Gains Accounts Scheme Applicable. . CA. Rajat Mohan B.Com(H),ACA, ACS, DISA

  7. (C). AMOUNTOF EXEMPTION SECTION 54B • If the amount of the capital gain is greater than the cost of the new land so purchased – The cost of the new land so purchased or constructed shall be exempt from tax; or • If the amount of the capital gain is equal to or less than the cost of the new land so purchased - The entire capital gain shall be exempt. CA. Rajat Mohan B.Com(H),ACA, ACS, DISA

  8. (D). FORMULA FOR CALCULATING EXEMPTION – Section 54B Exemption available shall be lower of the following: • Amount of capital gains; or • Amount invested as per the provisions of this section. CA. Rajat Mohan B.Com(H),ACA, ACS, DISA

  9. THANKYOU Your comments and suggestions are of utmost importance and are always welcomed. CA. Rajat Mohan B.Com(H), ACA, ACS, DISA MOHAN AGGARWAL & ASSOCIATES Chartered Accountants Head Office F-31 D.B. Gupta Market, Karol Bagh, New Delhi-110005 Office Phone: 011-23672609 / 23535809 Branch Office 18A, IInd Floor, North Avenue Road, West Punjabi Bagh, New Delhi-110026 office Phone: 011-4732696/97 Website: www.delhicamohan.com E-mail: rajat.mohan@icai.org