Timely pronouncement of reserved judgments requires defined timelines, transparency measures, and remedial pathways to protect liberty and effective j...
Settlement-price depression requires proof of manipulation, not merely short exposure, late selling, or below-market orders, preserving disclosure pen...
Income Declaration Scheme declarations can evidence share-capital sources, while round-tripped funds and cash-linked credits require further verificat...
Gifted unlisted shares taxed on receipt under section 56(2)(x) retain their character as assets acquired by gift for determining the holding period. The previous owner's holding period is included, so a subsequent transfer may produce long-term capital gains. However, section 49(4) separately fixes the donee's cost at the value previously taxed under section 56(2)(x); it does not carry over the prior owner's cost. Consequently, indexation of that deemed cost begins only in the financial year in which it was taxed, not in an earlier ownership period.
Gifted unlisted shares taxed on receipt under section 56(2)(x) retain their character as assets acquired by gift for determining the holding period. The previous owner's holding period is included, so a subsequent transfer may produce long-term capital gains. However, section 49(4) separately fixes the donee's cost at the value previously taxed under section 56(2)(x); it does not carry over the prior owner's cost. Consequently, indexation of that deemed cost begins only in the financial year in which it was taxed, not in an earlier ownership period.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
