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Current account treatment of overseas tournament services removed most FEMA findings, but excess EEFC remittance and delayed repatriation remained bre...
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Merchant banker regulation consolidates registration, governance, capital, reporting, outsourcing and investor-protection requirements under an update...
ITAT adjudicated two key tax matters involving a taxpayer's ULIP policy and residential property capital gains. The tribunal held that the LIC Market Plus-1 Policy constitutes a capital asset, rendering gains from its surrender taxable under "Capital Gains" rather than "Income from Other Sources". Additionally, the tribunal ruled that capital gains from multiple residential property sales can be invested in a single residential property, allowing the taxpayer's exemption claim under section 54. The tribunal found the assessee complied with statutory requirements by constructing a new house within three years and depositing capital gains in a prescribed scheme account. Consequently, the tribunal allowed the assessee's appeals, directing the Assessing Officer to grant the claimed section 54 exemption and recognize the capital gains treatment for the ULIP policy surrender.
ITAT adjudicated two key tax matters involving a taxpayer's ULIP policy and residential property capital gains. The tribunal held that the LIC Market Plus-1 Policy constitutes a capital asset, rendering gains from its surrender taxable under "Capital Gains" rather than "Income from Other Sources". Additionally, the tribunal ruled that capital gains from multiple residential property sales can be invested in a single residential property, allowing the taxpayer's exemption claim under section 54. The tribunal found the assessee complied with statutory requirements by constructing a new house within three years and depositing capital gains in a prescribed scheme account. Consequently, the tribunal allowed the assessee's appeals, directing the Assessing Officer to grant the claimed section 54 exemption and recognize the capital gains treatment for the ULIP policy surrender.
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