Table of Contents
- 1 What transactions are not regarded as transfer U S 47?
- 2 What are the transactions which are not regarded as transfer for computation of capital gain?
- 3 What is Section 47 of IT Act?
- 4 What is section 46 of Income Tax Act?
- 5 What is a transfer income?
- 6 Which of the following is included in definition of transfer?
What transactions are not regarded as transfer U S 47?
This section provides, that any transfer of shares of Indian company , by amalgamating foreign company (FCO1), to amalgamated foreign company (FCO2), in scheme of amalgamation, shall not be regarded as transfer.
What are the transactions which are not regarded as transfer for computation of capital gain?
57 [(ix)any transfer of a capital asset, being any work of art, archaeological, scientific or art collection, book, manuscript, drawing, painting, photograph or print, to the Government or a University or the National Museum, National Art Gallery, National Archives or any such other public museum or institution as may …
What is not regarded as capital asset?
Any movable property (excluding jewellery made out of gold, silver, precious stones, and drawing, paintings, sculptures, archeological collections, etc.) used for personal use by the assessee or any member (dependent) of assessee’s family is not treated as capital assets.
What is deemed transfer in income tax?
Section 2(47) in The Income- Tax Act, 1995. (47) 5 transfer”, in relation to a capital asset, includes,- (i) the sale, exchange or relinquishment of the asset; or. (ii) the extinguishment of any rights therein; or. (iii) the compulsory acquisition thereof under any law; or.
What is Section 47 of IT Act?
(vicb) any transfer by a shareholder, in a business reorganisation, of a capital asset being a share or shares held by him in the predecessor co-operative bank if the transfer is made in consideration of the allotment to him of any share or shares in the successor co-operative bank.
What is section 46 of Income Tax Act?
Capital gains on distribution of assets by companies in liquidation. 46. (1) Notwithstanding anything contained in section 45, where the assets of a company are distributed to its shareholders on its liquidation, such distribution shall not be regarded as a transfer by the company for the purposes of section 45.
What is transfer under capital gain?
As per Section 2(47) “transfer” in relation to a capital asset includes: (i) sale, exchange or relinquishment of the asset, or. (ii) the extinguishment of any tight therein, or. (iii) the compulsory acquisition thereof under any law, or.
Which of the following shall not be regarded as capital asset Mcq?
Any commission due or received by a partner of a firm from the firm shallnot be regarded as salary income under ….
| Q. | The following shall not be regarded as capital asset: |
|---|---|
| A. | urban land |
| B. | securities held by a foreign institutional investor as per sebi act, 1992 |
| C. | archaeological collections |
| D. | motor car |
What is a transfer income?
Transfer income refers to any income which a recipient receives without providing any goods, services or assets in return to the payer. Payment. Bilateral. Unilateral. Concept.
Which of the following is included in definition of transfer?
Transfer, in relation to capital asset, includes: the sale, exchange or relinquishment of the asset; or. the extinguishment of any rights therein; or. the compulsory acquisition thereof under any law; or.
What is not a transfer?
Transactions Not regarded as ‘Transfer’ for Computing Capital Gain [Section 46 and 47] Transfer of a capital asset by a non-resident of foreign currency convertible bonds or Global Depository Receipts to another non-resident if the transfer is made outside India and if a few conditions are satisfied.
What is section 45 of Income Tax Act?
It is noticed that the amount taxed under sub-section (4) of section 45 of the Act is required to be attributed to the remaining capital assets of the specified entity, so that when such capital assets get transferred in the future, the amount attributed to such capital assets gets reduced from the full value of the …