Tag: exemption

Agricultural income exemption as per Income tax act

Agricultural income are exempted as per Income tax act u/s 10(1) Calculation of Agricultral Income Exemption under the Income Tax Act 1961: Two conditions which need to satisfied for partial integration are: 1. The net agricultural income should exceed 5,000 for the year and 2. Non-agricultural income should exceed the maximum amount not chargeable to …

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Extension Of Time Limit For Acquiring New Asset, When Enhanced Compensation Is Paid

(a) Initial Compensation: If initial compensation is received in parts, then the entire initial compensation is taxable in the year in which a part is first received. Time limit for acquiring the new asset u/s 54, 54B, 54D, 54EC and 54F shall be determined on the basis of dates of receipt of different parts of …

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Gift received by assessee on the occasion of his daughter’s marriage isn’t exempt from tax

In the instant case the issue that arose before the High Court was as under: Whether gift received by assessee from friends and relatives on occasion of his daughter’s marriage would be exempt from tax in view of proviso to sub-clause (vi) of sec. 56(2)? The High Court held as under: (1)   Proviso to …

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