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Financial year of taxability: timing of capital gains aligns to the year the transfer event or receipt occurs. Taxability of capital gains is determined by the financial year in which the operative transfer event occurs as mapped in a statutory table: conversion to or treatment as business asset, cessation of parental shareholding, non compliance with prescribed conditions, receipt of compensation or approved consideration, sale after conversion, contributions or distributions from unincorporated bodies, retirement distributions, possession under part performance, enabling enjoyment of immovable property, slump sales, and other transfers are each taxed in the financial year when the relevant event, receipt or transfer takes place; special deemed receipt rules govern insurance proceeds, retirement and liquidation receipts, depository transfers and specified withdrawals.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Financial year of taxability: timing of capital gains aligns to the year the transfer event or receipt occurs.</h1> Taxability of capital gains is determined by the financial year in which the operative transfer event occurs as mapped in a statutory table: conversion to or treatment as business asset, cessation of parental shareholding, non compliance with prescribed conditions, receipt of compensation or approved consideration, sale after conversion, contributions or distributions from unincorporated bodies, retirement distributions, possession under part performance, enabling enjoyment of immovable property, slump sales, and other transfers are each taxed in the financial year when the relevant event, receipt or transfer takes place; special deemed receipt rules govern insurance proceeds, retirement and liquidation receipts, depository transfers and specified withdrawals.
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