Taxation of Capital Gains By S. Krishnan Edition Sep 2024

Taxation of Capital Gains By S. Krishnan Edition Sep 2024

Description

This book is the most comprehensive handbook that provides chapter-wise analysis of capital gains taxation. It covers various topics, including the nuances of tax planning within family settlements, implications of recent judicial decisions, and detailed guidance on exemptions under Sections 54, 54B, and 54F, etc.. It addresses complex scenarios such as joint property developments, transactions between firms and partners post-2021 amendments, and the tax implications for NRIs, OCIs, and PIOs. With 35+ structured chapters, the book emphasises ethical tax planning and provides practical solutions through numerous examples and illustrations.

It is designed for tax professionals, legal practitioners, and financial advisors, equipping them with the knowledge to understand the intricate landscape of capital gains taxation.

The Present Publication is the 13th Edition and has been amended by the Finance (No. 2) Act, 2024. This book is authored by CA S. Krishnan with the following noteworthy features:

  • [Comprehensive Coverage of Capital Gains Taxation] The book covers every aspect of capital gains taxation across 35+ chapters, each dedicated to specific sections or topics within Chapter IV-E under the heading ‘Computation of Total Income.’ This detailed approach ensures that readers can grasp the full scope of capital gains provisions and their applications
  • [In-depth Analysis of Tax Planning in Family Settlements] It provides a detailed examination of tax planning opportunities within the confines of the law, particularly in the context of family settlements and arrangements. The book extends this analysis to include family arrangements involving companies, supported by notable judgments from the ITAT
  • [Critical Insights on Exemptions (Sections 54, 54B, 54F, etc.)] The book discusses the pros and cons of claiming exemptions under sections 54, 54B, and 54F, etc. This section includes judicial interpretations and practical considerations that professionals need to be aware of
  • [Addressing Joint Development of Properties] A significant focus is placed on the issues arising from joint property developments, with detailed analysis of various judicial decisions. The book suggests potential remedies that could be considered by the legislature, providing a critical perspective on these challenging scenarios.
  • [Post-2021 Amendments to Section 45] A dedicated discussion covers the impact of the 2021 amendments to Section 45 and related provisions, particularly on transactions between firms and partners. The book includes an analysis of the Supreme Court ruling in the case of CIT v. Mansukh Dyeing and Printing Mills [2022] 145 taxmann.com 151 (SC), highlighting the tax implications when retiring partners are paid after revaluation of assets
  • [Updated Judicial Decisions and Case Law Integration] The 13th edition incorporates numerous judicial decisions rendered after the last Edition, placing these rulings in the appropriate context within the book. Each decision is thoroughly analysed, providing readers with the latest legal insights into capital gains taxation
  • [Special Chapter on NRIs, OCIs, and PIOs] A separate chapter is devoted to the tax planning, compliance, and procedural aspects for Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and Persons of Indian Origin (PIOs). This chapter provides practical guidance on property transactions, tax liabilities, and strategies for NRIs returning to India
  • [Examination of RFCTLARR Act, 2013] The book provides a detailed analysis of the Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, explaining its implications on capital gains taxation and how it intersects with current tax laws
  • [Taxability of Interest on Compensation for Agricultural Land] A comprehensive discussion on the taxability of interest received on compensation for acquiring agricultural land is presented. This section relies on an exhaustive review of judicial decisions, providing clear guidance on this often-debated topic
  • [Understanding Complex Capital Gains Scenarios] The book emphasises that there is no one-size-fits-all solution for capital gains taxation due to the variability in facts, legal precedents, and amendments. It guides readers in comparing live situations with case laws, identifying changes in legal interpretations, and understanding the impact of new amendments or jurisdictional rulings
  • [Worked Examples and Illustrations] Featuring numerous worked-out examples, the book covers a broad spectrum of possible scenarios, enhancing the reader’s understanding through practical application. It highlights inconsistencies in judicial thought, explaining later decisions in relation to earlier ones and drawing distinctions where necessary
  • [Ethical Tax Planning Guidance] The book strongly emphasises the importance of ethical and legal tax planning, reinforcing the need for compliance and accuracy in income reporting. It aims to guide professionals in advising their clients correctly, avoiding both overpayment and underpayment of taxes

The structure of the book is as follows:

  • [Exhaustive Coverage] This book contains 35+ Chapters, and each Chapter covers one section/topic exclusively
  • [Cross-Referenced Contents] Each Chapter in this book is unique, and whenever and wherever there are overlapping provisions, adequate care has been taken to give cross-references
  • [Specific Focus on Tax Planning] The tax planning has to be legal, and this important and ethical aspect has been stressed throughout the book
  • [Examples/Illustrations] covering every possible situation
  • [Case Laws] Whenever and wherever there is no uniformity in the thinking of various judicial authorities, they have been brought out and highlighted. In appropriate cases, the later decisions have been explained in tune with the ratio decidendi of earlier decisions by highlighting the common issues between these decisions and/or bringing out the distinction between the earlier decision(s) and the later one(s)

About the author

S. Krishnan

Hailing from a family of Chartered Accountants, S. Krishnan completed his Chartered Accountancy course in 1974 and immediately set up his office in Chennai. In the last 48 years, he has handled Statutory Audit, Tax Audit, internal audits of banks, hotels and other industrial concerns. However, his specialization and interest have always been in Capital Gains in Direct Taxes and Works Contract in Indirect Taxes.

Capital Gain tax planning is his niche area. He advises his clients on capital gain tax planning and spends more time in this area by contributing to various Tax advisory Magazines. He has been doing a lot of analytical research and keeps himself updated based latest provisions of law and on various Court decisions relating to Capital Gain tax issues. He has been contributing articles to the Taxmann group of journals now, including tax planning matters on capital gain issues arising under various sections of the Income-tax Act, life interest, joint development of property, Taxation of Income of NRIs with special reference to withholding of the tax under section 195 of the Income-tax Act, Family Settlement/Family Arrangement, Transfer of Property for inadequate consideration etc. He has so far contributed 250+ articles covering various topics on Direct Taxes.

He firmly believes that one should continuously update himself as each issue on capital gain tax is unique in nature.

Weight 1.355 kg
binding

Paperback

edition

13th Edition 2024

hsn

49011010

isbn

9789356227118

language

English

publisher

Taxmann

bookauthor

S. Krishnan

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