Question

List the sections of the ITA that cover the rules and regulations governing the computation of taxable capital gain and allowable losses

Answer 1

List of sections of the ITA that cover the rules and regulations governing the computation of taxable capital gain and allowable losses:-

1.) Sec.45(1) - Basis of Charge

2.) Sec.2(14) - Capital Assets

3.) Sec.2(47) - Transfer

4.) Sec.2(48) - Zero Coupon Bonds

5.) Sec.47 - Transactions which are not considered as Transfer

6.) Sec.48 - Computation of Capital Gains

7.) Sec.55 - Cost of Acquisition & Improvement + Cost of Acquisition of different type of shares

8.) Sec.51 - Advance Money Forfeited

9.) Sec.55A - Reference of Valuation Officer

10.) Sec.10(37) - Exemption on Compulsory Acquisition of Agricultural Land

11.) Sec.10(38) - Exemption on LTCG from Shares

12.) Sec.111A - Tax on STCG from Shares

13.) Sec.112 - Tax on LTCG from Listed Securities

14.) Sec. 54/54B/54D/54EC/54F/54EC/54F/54G/54GA - Exemptions from Capital Gains

15.) Sec.74 - Carry Forward & Set off of Capital Loss