Introducing the “In Favour Of” filter in Case Laws.
- ⚖️ Instantly identify judgments decided in favour of the Assessee, Revenue, or Appellant
- 🔍 Narrow down results with higher precision
Try it now in Case Laws →
TaxTMI Login
🚀 New Feature Launched ✕
Just a moment...
Introducing the “In Favour Of” filter in Case Laws.
Try it now in Case Laws →
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Finance Bill 2021 amends Income-tax Act Section 45; taxes ULIPs and assets from firm changes as capital gains.</h1> Clause 14 of the Finance Bill, 2021 amends section 45 of the Income-tax Act concerning capital gains. A new sub-section (1B) is introduced, taxing profits from unit linked insurance policies not exempt under section 10(10D) as capital gains. Sub-section (4) is revised to tax profits from capital assets received by a specified person during a firm's dissolution or reconstitution. The fair market value on receipt is considered full value, excluding increases from asset revaluation or self-generated goodwill. Sub-section (4A) addresses excess money or assets received, also taxed as capital gains. Definitions for 'self-generated goodwill,' 'self-generated assets,' 'specified entity,' and 'specified person' are clarified. These changes apply from April 1, 2021.
TaxTMI 
TaxTMI 
