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Capital gains treatment expanded to include insurance receipts, unit linked policy gains, conversions to stock in trade and reconstitution transfers. Section 67 charges gains from transfer of capital assets to tax under the head Capital gains in the year of transfer and prescribes special charging rules: insurance receipts for destruction under enumerated events are deemed full consideration for capital gains and valued for section 72; gains under non exempt unit linked policies are taxable with prescribed computation; conversion to stock in trade defers tax until sale with FMV at conversion deemed consideration; beneficial owner securities transfers are taxed to the beneficial owner with FIFO cost/holding; transfers to firms where transferor becomes partner are taxed to the transferor with book value deemed consideration; reconstitution receipts are taxed to the specified entity by A = B + C - D with limited adjustments; compulsory acquisition and later enhancements are separately taxed when received and recomputed if reduced; specified real estate share receipts are taxed on issue of completion certificate using stamp duty value; repurchase or termination of certain units yields capital gains equal to repurchase price minus capital value.
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<h1>Capital gains treatment expanded to include insurance receipts, unit linked policy gains, conversions to stock in trade and reconstitution transfers.</h1> Section 67 charges gains from transfer of capital assets to tax under the head Capital gains in the year of transfer and prescribes special charging rules: insurance receipts for destruction under enumerated events are deemed full consideration for capital gains and valued for section 72; gains under non exempt unit linked policies are taxable with prescribed computation; conversion to stock in trade defers tax until sale with FMV at conversion deemed consideration; beneficial owner securities transfers are taxed to the beneficial owner with FIFO cost/holding; transfers to firms where transferor becomes partner are taxed to the transferor with book value deemed consideration; reconstitution receipts are taxed to the specified entity by A = B + C - D with limited adjustments; compulsory acquisition and later enhancements are separately taxed when received and recomputed if reduced; specified real estate share receipts are taxed on issue of completion certificate using stamp duty value; repurchase or termination of certain units yields capital gains equal to repurchase price minus capital value.
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