Capital Gains (Income Tax)

Cheatsheet Content

# Capital Gains: Comprehensive Cheatsheet This cheatsheet summarizes key provisions of Capital Gains tax as per Indian Income Tax laws. ### 1. Introduction to Capital Gains - **Charging Section (Section 45):** Any profits or gains arising from the **transfer of a capital asset** effected in the previous year are chargeable to income-tax under the head 'Capital Gains'. - Deemed to be income of the previous year in which transfer took place. - Key terms: "capital asset" and "transfer". ### 2. Capital Asset (Section 2(14)) - **Definition:** A capital asset means: - Property of any kind held by an assessee, whether or not connected with business or profession. - Securities held by a Foreign Institutional Investor (FII) or an investment fund specified in Section 115UB. - Any Unit Linked Insurance Policy (ULIP) to which exemption under Section 10(10D) does not apply. - **Exclusions:** - **Stock-in-trade:** Any stock-in-trade (other than specified securities), consumable stores, or raw materials held for business/profession. - *Note:* Whether an asset is stock-in-trade or capital asset depends on the *manner in which it is held*, not its nature. - *FPI Exception:* Securities in the hands of an FPI are always treated as capital assets, even if they are stock-in-trade. - **Personal effects:** Movable property (including wearing apparel and furniture) held for personal use by the assessee or family members. - **Exclusions from Personal Effects (i.e., these are Capital Assets):** - Jewellery (includes ornaments of precious metals/stones, whether or not set in apparel/articles). - Archaeological collections. - Drawings. - Paintings. - Sculptures. - Any work of art. - **Rural Agricultural Land in India:** Agricultural land in India not situated in any specified area. - **Urban Agricultural Land (is a Capital Asset):** Land situated within: - A municipality or cantonment board with a population of not less than 10,000. - Any area within a specified aerial distance from local limits of a municipality/cantonment board, based on population: - $\le 2$ kms if population > 10,000 - > 2 kms $\le 6$ kms if population > 1,00,000 - > 6 kms $\le 8$ kms if population > 10,00,000 - **Specified Gold Bonds:** 6.5% Gold Bonds, 1977; 7% Gold Bonds, 1980; National Defence Gold Bonds, 1980. - **Special Bearer Bonds, 1991.** - **Gold Deposit Bonds** (1999) or deposit certificates (2015, 2018). - **Note on 'Property':** Includes and is deemed to have always included any rights in or in relation to an Indian company, including management or control rights. ### 3. Short Term and Long Term Capital Assets (Section 2(42A) & 2(29A)) - **Short-Term Capital Asset:** A capital asset held for **not more than 24 months** immediately preceding the date of transfer. - **Long-Term Capital Asset:** A capital asset which is not a short-term capital asset. - **Period of Holding Classification:** | Capital Asset | STCG, if held for | LTCG, if held for | | 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CAPThe following is the current cheatsheet, in XML format. ```xml ### 1. Introduction to Capital Gains - **Charging Section (Section 45):** Any profits or gains arising from the **transfer of a capital asset** effected in the previous year are chargeable to income-tax under the head 'Capital Gains'. - Deemed to be income of the previous year in which transfer took place. - Key terms: "capital asset" and "transfer". ### 2. Capital Asset (Section 2(14)) - **Definition:** A capital asset means: - Property of any kind held by an assessee, whether or not connected with business or profession. - Securities held by a Foreign Institutional Investor (FII) or an investment fund specified in Section 115UB. - Any Unit Linked Insurance Policy (ULIP) to which exemption under Section 10(10D) does not apply. - **Exclusions:** - **Stock-in-trade:** Any stock-in-trade (other than specified securities), consumable stores, or raw materials held for business/profession. - *Note:* Whether an asset is stock-in-trade or capital asset depends on the *manner in which it is held*, not its nature. - *FPI Exception:* Securities in the hands of an FPI are always treated as capital assets, even if they are stock-in-trade. - **Personal effects:** Movable property (including wearing apparel and furniture) held for personal use by the assessee or family members. - **Exclusions from Personal Effects (i.e., these are Capital Assets):** - Jewellery (includes ornaments of precious metals/stones, whether or not set in apparel/articles). - Archaeological collections. - Drawings. - Paintings. - Sculptures. - Any work of art. - **Rural Agricultural Land in India:** Agricultural land in India not situated in any specified area. - **Urban Agricultural Land (is a Capital Asset):** Land situated within: - A municipality or cantonment board with a population of not less than 10,000. - Any area within a specified aerial distance from local limits of a municipality/cantonment board, based on population: - $\le 2$ kms if population > 10,000 - > 2 kms $\le 6$ kms if population > 1,00,000 - > 6 kms $\le 8$ kms if population > 10,00,000 - **Specified Gold Bonds:** 6.5% Gold Bonds, 1977; 7% Gold Bonds, 1980; National Defence Gold Bonds, 1980. - **Special Bearer Bonds, 1991.** - **Gold Deposit Bonds** (1999) or deposit certificates (2015, 2018). - **Note on 'Property':** Includes and is deemed to have always included any rights in or in relation to an Indian company, including management or control rights. ### 3. Short Term and Long Term Capital Assets (Section 2(42A) & 2(29A)) - **Short-Term Capital Asset:** A capital asset held for **not more than 24 months** immediately preceding the date of transfer. - **Long-Term Capital Asset:** A capital asset which is not a short-term capital asset. - **Period of Holding Classification:** | Capital Asset | STCG, if held for | LTCG, if held for | | 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GAINS #### Introduction to Capital Gains - The concept of capital gains is defined in Section 45 of the Income Tax Act. - It states that any profits or gains arising from the **transfer of a capital asset** during the previous year are chargeable to income-tax under the head 'Capital Gains'. - These gains are deemed to be the income of the previous year in which the transfer took place. - Two critical terms are central to this section: "capital asset" and "transfer". #### What is a Capital Asset? (Section 2(14)) - A **capital asset** includes: - Property of any kind held by an assessee, regardless of whether it is connected with their business or profession. - Any securities held by a Foreign Institutional Investor (FII) that has invested in such securities according to SEBI regulations. - Securities held by an investment fund specified in Section 115UB, invested in accordance with SEBI or IFSC Authority Act, 2019 regulations. - Any Unit Linked Insurance Policy (ULIP) to which exemption under Section 10(10D) does not apply. - **Exclusions from Capital Asset definition:** - **Stock-in-trade:** Any stock-in-trade (excluding the securities mentioned above), consumable stores, or raw materials held for the purpose of the assessee's business or profession. - *Note:* The classification of an item as stock-in-trade or capital asset depends on how it is held, not its inherent nature. - *FPI Exception:* Even if securities are stock-in-trade for a Foreign Portfolio Investor, they are treated as capital assets for tax purposes. - **Personal effects:** Movable property (including wearing apparel and furniture) held for personal use by the assessee or any dependent family member. - **However, the following `personal effects` are considered `capital assets`:** - Jewellery (includes ornaments made of precious metals/stones, whether or not set in apparel). - Archaeological collections. - Drawings. - Paintings. - Sculptures. - Any work of art. - **Rural Agricultural Land in India:** Agricultural land in India that is not situated in a "specified area". - **Urban Agricultural Land (is a Capital Asset):** Agricultural land is considered urban if located within: - Limits of a municipality or cantonment board with a population of not less than 10,000. - Areas within a specified aerial distance from the local limits of a municipality/cantonment board, based on population: - $\le 2$ kms if population > 10,000 - > 2 kms $\le 6$ kms if population > 1,00,000 - > 6 kms $\le 8$ kms if population > 10,00,000 - **Special Central Government Bonds:** - 6.5% Gold Bonds, 1977 - 7% Gold Bonds, 1980 - National Defence Gold Bonds, 1980 - Special Bearer Bonds, 1991 - Gold Deposit Bonds issued under the Gold Deposit Scheme, 1999, or deposit certificates issued under the Gold Monetisation Scheme, 2015 and 2018. - **Clarification on 'Property':** The term 'property' includes and is deemed to have always included any rights in or in relation to an Indian company, including rights of management or control or any other rights whatsoever. #### Short-Term vs. Long-Term Capital Assets - **Short-Term Capital Asset (Section 2(42A)):** A capital asset held by an assessee for **not more than 24 months** immediately preceding the date of its transfer. - **Long-Term Capital Asset (Section 2(29A)):** A capital asset which is not a short-term capital asset. - **Holding Period for Classification:** | Capital Asset | Short-Term Capital Gain (STCG), if held for | Long-Term Capital Gain (LTCG), if held for | | :--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | :------------------------------------------------ | :--------------------------------------------- | | Security listed on a recognized stock exchange (including listed units of a business trust) | $\le 12$ months immediately preceding the date of its transfer | > 12 months immediately preceding the date of its transfer | | Unit of equity-oriented fund/unit of UTI | $\le 12$ months immediately preceding the date of its transfer | > 12 months immediately preceding the date of its transfer | | Zero Coupon Bond | $\le 12$ months immediately preceding the date of its transfer | > 12 months immediately preceding the date of its transfer | | Other Capital Assets (e.g., immovable property, unlisted shares) | $\le 24$ months immediately preceding the date of its transfer | > 24 months immediately preceding the date of its transfer | - **Assets Always Treated as Short-Term Capital Assets (Section 50AA):** Capital gains arising from the transfer of the following assets are always considered STCG, irrespective of the period of holding: - Units of a specified mutual fund acquired on or after 01.04.2023. - Market Linked Debentures. - Unlisted bonds and unlisted debentures. #### Determination of Period of Holding (Clause (i) of Explanation 1 to Section 2(42A)) - The period of holding for certain capital assets is determined as follows: - **Shares in a company in liquidation:** Period *subsequent* to the date of liquidation is excluded. - **Asset becoming property by virtue of Section 49(1):** The period for which the asset was held by the *previous owner* is included. - **Inventory converted to capital asset:** Period from the date of conversion or treatment as a capital asset is considered. - **Shares in Indian amalgamated company (in lieu of shares in amalgamating company):** The period for which shares were held in the amalgamating company is included. - **Subscribed shares/securities (right basis):** Period from the date of allotment is reckoned. - **Renounced right to subscribe to shares/securities:** Period from the date of offer of such right is reckoned. - **Allotted financial asset without payment (based on other financial asset):** Period from the date of allotment of such financial asset is reckoned. - **Shares in demerged Indian company (resulting company):** Period for which shares were held in the demerged company is included. - **Trading/clearing rights of recognized stock exchange (demutualization/corporatization):** Period for which the person was a member immediately prior to such demutualization/corporatization is included. - **Equity shares allotted (demutualization/corporatization of recognized stock exchange):** Period for which the person was a member immediately prior to such demutualization/corporatization is included. - **Unit of business trust (allotted on transfer of shares u/s 47(xvii)):** The holding period for which the share(s) held by the assessee is included. - **Units in consolidated scheme of mutual fund (on transfer of units):** The period for which the unit(s) in the consolidating scheme were held is included. - **Shares acquired by non-resident on redemption of Global Depository Receipts:** Period from the date on which a request for such redemption was made is reckoned. - **Equity share in company (conversion of preference shares):** The period for which the *preference shares* were held is included. - **Units in consolidated plan of mutual fund (on transfer of units):** The period for which the unit(s) in the consolidating plan were held is included. - **Unit or units in segregated portfolio (Section 49(2AG)):** The period for which the original unit or units in the main portfolio were held is reckoned. - **Electronic Gold Receipt (EGR) issued by Vault Manager:** The period for which gold was held prior to conversion into EGR is reckoned. - **Gold released from EGR:** The period for which the Electronic Gold Receipt was held prior to conversion into gold is reckoned. - **Specified security or sweat equity shares (allotted/transferred by employer):** Period from the date of allotment or transfer is reckoned. #### Other Capital Assets (Clause (ii) of Explanation 1 to Section 2(42A)) - For capital assets not covered above, the period of holding is determined by rules made by the CBDT (Rule 8AA). - **Shares or debentures of a company (property u/s 47(x)):** The period for which the bond, debenture, debenture-stock, or deposit certificate was held by the assessee prior to conversion is included. - *Note:* Conversion of bonds/debentures/deposit certificates into shares/debentures of the same company is *not regarded as a transfer* for capital gains tax (Section 47(x)). - **Capital asset became property of Indian subsidiary (conversion of foreign company branch u/s 115JG(1)):** The period for which the asset was held by the foreign company's branch and any previous owner (if acquired via Section 49(1) modes or Section 115JG(1)) is included. - **Deemed capital gains from specified entity (Section 45(4)):** The amount chargeable to tax is deemed to be from transfer of short-term or long-term capital asset based on its nature. #### What Constitutes a 'Transfer'? (Section 2(47)) - The term 'transfer' has an inclusive definition and includes: 1. Sale, exchange, or relinquishment of the asset. 2. Extinguishment of any rights in the asset. 3. Compulsory acquisition of the asset under any law. - *Example:* Acquisition of industrial undertaking under the Industries (Development and Regulation) Act, 1951. 4. Conversion or treatment of a capital asset by its owner into stock-in-trade of their business. - *Example:* An investor treating existing share investments as stock-in-trade for a newly set up share dealing business. 5. Maturity or redemption of a zero coupon bond. 6. Taking possession of an immovable property in consideration of part-performance of a contract under Section 53A of the Transfer of Property Act, 1882. - *Example:* Buyer pays full consideration for a house and takes possession, even if registration is pending. 7. Transactions that transfer or enable the enjoyment of an immovable property. - *Example:* Becoming a member of a co-operative society and receiving possession of a house/flat upon payment, even without a registered conveyance deed. - **Explanation 2 to Section 2(47) clarifies that 'transfer' includes:** - Disposing of or parting with an asset or any interest therein, directly or indirectly, absolutely or conditionally, voluntarily or involuntarily. - Creating any interest in any asset in any manner whatsoever. - These transactions are deemed transfers even if characterized as being dependent on the transfer of shares of a company registered or incorporated outside India. ### 4. Scope and Year of Chargeability (Section 45) #### General Provision (Section 45(1)) - Any profits or gains from the transfer of a capital asset in the previous year (unless specifically exempt) are chargeable to income-tax under 'Capital Gains'. - **Year of Chargeability:** Capital gains are taxable in the previous year when the *sale or transfer takes place*. This is the actual date of sale/transfer of title, not merely the agreement date. - *Note:* The Income-tax Act recognizes certain transactions as transfers even without a executed and registered conveyance deed. #### Insurance Receipts (Section 45(1A)) - If a person receives money or other assets from an insurer due to damage or destruction of a capital asset from: - Flood, typhoon, hurricane, cyclone, earthquake, or other natural convulsions. - Riot or civil disturbance. - Accidental fire or explosion. - Action by an enemy or action in combating an enemy. - Then, any profits or gains arising from such receipt are chargeable to income-tax under 'Capital Gains' in the previous year in which the money or asset was received. - **Full value of consideration:** The value of money or fair market value of other assets on the date of receipt is deemed to be the full value of consideration. #### Unit Linked Insurance Policy (ULIP) Receipts (Section 45(1B)) - If a person receives any amount (including bonus) from a ULIP to which **Section 10(10D) exemption does NOT apply**, then any profits or gains arising from such receipt are chargeable to income-tax under 'Capital Gains' in the previous year of receipt. #### Exemption under Section 10(10D) for Life Insurance Policies - Any sum received under a life insurance policy (including bonus) is generally exempt from total income. - **Summary of Exemption Conditions for ULIPs/LIPs:** | Policy Issue Date | Condition for Exemption | | :---------------- | 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| | Before 1.4.2003 | Any sum received is exempt. | | 1.4.2003 to 31.3.2012 | Exempt, unless premium > 20% of 'actual capital sum assured' for any year. | | 1.4.2012 to 31.3.2013 | Exempt, unless premium > 10% of 'actual capital sum assured' for any year. | | On or after 1.4.2013 | Exempt, unless premium > 15% (for disabled/severe disability/specified disease) or > 10% (for others) of 'actual capital sum assured' for any year. | | On or after 1.2.2021 (ULIP) | Exempt, unless premium > ₹2,50,000 for any year, OR premium > 10%/15% of 'actual capital sum assured'. (₹2,50,000 limit does not apply to IFSC Insurance Office policies). If multiple ULIPs, aggregate premium > ₹2,50,000, then assessee can choose which ULIPs (up to ₹2,50,000 aggregate premium) are exempt. | | On or after 1.4.2023 (LIP, not ULIP) | Exempt, unless premium > ₹5,00,000 for any year, OR premium > 10%/15% of 'actual capital sum assured'. (₹5,00,000 limit does not apply to IFSC Insurance Office policies). If multiple LIPs, aggregate premium > ₹5,00,000, then assessee can choose which LIPs (up to ₹5,00,000 aggregate premium) are exempt. | - **Death Benefit:** Any sum received on the death of a person is *exempt* irrespective of the annual premium. - **Exemption Not Available for:** - Amounts from insurance policies for disabled persons under Section 80DD. - Sums received under a Keyman insurance policy (defined as a life insurance policy taken by one person on the life of another who is/was an employee or connected with the business). #### ULIP Taxation (Summary Diagram) ```mermaid graph TD A[Unit Linked Insurance Policy (ULIP)] --> B{Policy taken before 1.2.2021}; A --> C{Policy taken on or after 1.2.2021}; B --> D{Does premium exceed 10%/15%/20% of Sum assured (SA)?}; D -- Yes --> E[Taxable]; D -- No --> F[Exempt u/s 10(10D)]; C --> G{If premium does not exceed ₹2,50,000 in any P.Y.}; C --> H{If premium or aggregate of premium exceed ₹2,50,000 in any P.Y.}; G --> I[Single ULIP]; G --> J[Multiple ULIP]; H --> K[Single ULIP (Taxable as capital asset u/s 45(1B))]; H --> L[Multiple ULIP]; I --> I1{Such ULIP will be taxable as capital asset under section 45(1B)}; I --> I2{Capital Gain will be taxable u/s 112A subject to the condition specified therein}; J --> J1{Exemption can be claimed in respect of those ULIP, at the option of the assessee, whose aggregate premium payable does not exceed ₹2,50,000 and where premium does not exceed 10% of SA.}; J --> J2{Remaining ULIPs will be taxable as capital asset under section 45(1B).}; J --> J3{Capital Gain will be taxable u/s 112A subject to the condition specified therein}; ``` #### Capital Gains from ULIPs (Not exempt u/s 10(10D)) - Any ULIP not exempt under Section 10(10D) is a capital asset and taxable under Section 45(1B). - **Computation of Capital Gains (Rule 8AD):** - **First-time receipt:** Capital Gain = A - B, where: - A = Amount received for the first time under such ULIP in the previous year (including bonus). - B = Aggregate premium paid during the term of such ULIP till the date of receipt of A. - **Subsequent receipts:** Capital Gain = C - D, where: - C = Amount received under such ULIP in the previous year (after the first receipt), including bonus. (Exclude amounts considered in earlier years). - D = Aggregate premium paid during the term of such ULIP till the date of receipt of C, reduced by premiums already considered in earlier years. - Such capital gains are deemed to arise from the transfer of a unit of an equity-oriented fund comprising ULIPs. #### Conversion of Capital Asset to Stock-in-Trade (Section 45(2)) - Conversion of a capital asset into stock-in-trade is treated as a **transfer**. - **Taxability:** Profits or gains from this conversion are chargeable to income-tax in the previous year in which the *stock-in-trade is sold or otherwise transferred*. - **Full value of consideration:** The fair market value (FMV) of the asset on the date of conversion is deemed to be the full value of consideration. - **Computation of Capital Gains & Business Income:** - **Capital Gains:** (FMV on date of conversion) - (Cost/Indexed Cost of acquisition/Improvement) - Indexation benefit is considered up to the year of conversion. - **Business Income:** (Sale price of stock-in-trade) - (FMV on date of conversion) - *Note:* Both Capital Gains and Business Income are taxable in the year the stock-in-trade is sold. #### Transfer of Beneficial Interest in Securities (Section 45(2A)) - Profits or gains from the transfer of beneficial interest in securities (held by a depository or participant) are chargeable to tax as income of the beneficial owner in the previous year of transfer. - **FIFO Method:** For computing cost of acquisition and period of holding, the First-In-First-Out (FIFO) method is used, especially when purchase and sale dates cannot be correlated. - **Date of Transfer:** The date of the broker's note is generally considered the date of transfer for sale transactions, provided it's followed by delivery of shares and transfer deeds. #### Introduction of Capital Asset as Capital Contribution (Section 45(3)) - When a person transfers a capital asset to a firm, AOP, or BOI (in which they are a partner/member or are becoming one) as capital contribution, the profits or gains are chargeable to tax in the previous year of transfer. - **Full value of consideration:** The amount recorded in the books of account of the firm/AOP/BOI as the value of the capital asset is deemed to be the full value of consideration. #### Tax Implications on Receipt of Money/Capital Asset on Dissolution/Reconstitution of Firm/AOP/BOI (Sections 9B and 45(4)) - **Section 9B (Deemed Transfer):** - If a `specified person` (partner/member) receives any capital asset or stock-in-trade from a `specified entity` (firm/AOP/BOI) upon dissolution or reconstitution, the specified entity is deemed to have transferred such asset(s) in the year of receipt. - **Year of taxability:** Profits/gains from this deemed transfer are taxed in the year of receipt. - **Head of income:** Capital assets are taxed under 'Capital Gains'; stock-in-trade under 'Profits and Gains from Business or Profession'. - **Full value of consideration:** The fair market value (FMV) of the capital asset or stock-in-trade on the date of receipt by the specified person is deemed to be the full value of consideration. - **Section 45(4) (Deemed Income):** - If a `specified person` receives any money or capital asset from a `specified entity` in connection with its reconstitution, any profits/gains arising from such receipt are chargeable to income-tax under 'Capital Gains'. - **Year of taxability:** Taxed in the previous year of receipt. - **Computation:** The taxable income (A) is calculated using the formula: $$A = B + C - D$$ - B = Value of money received by the specified person. - C = FMV of the capital asset received by the specified person. - D = Balance in the capital account (represented in any manner) of the specified person in the books of account of the specified entity at the time of reconstitution. - *Note:* Capital account balance excludes revaluation of assets or self-generated goodwill/assets. If 'A' is negative, it is deemed zero. - **Taxability u/s 45(4) is *in addition* to 9B:** Both sections apply independently. - **Definition of Terms (Sections 9B & 45(4)):** - **Specified person:** A partner of a firm or member of AOPs/BOIs (not a company/co-operative society) in any previous year. - **Specified entity:** A firm or other AOPs/BOIs (not a company/co-operative society). - **Reconstitution of the specified entity:** Occurs when: - One or more partners/members cease to be such. - One or more new partners/members are admitted, but some existing ones continue. - All partners/members continue, but their respective shares change. #### Compensation on Compulsory Acquisition (Section 45(5)) - Capital gains arise when a capital asset is compulsorily acquired by the Central Government. - **Chargeability:** Taxable in the previous year in which such compensation (or part thereof) was *first received*. - **Enhanced Compensation:** If additional compensation is awarded by a court, it is taxable in the year of *receipt*. - **Cost of acquisition/improvement:** For enhanced compensation, the cost is taken as **Nil**. - **Interim Order Compensation:** Compensation received under an interim order is taxable in the year of the *final order*. - **Reduction of Enhanced Compensation:** If enhanced compensation is later reduced by a court, the assessed capital gain for that year will be recomputed. - **Death of Transferor:** Enhanced compensation is taxable in the hands of the person who receives it. #### Taxability of Capital Gains in Specified Agreement (Section 45(5A)) - **Deferment of taxability:** To mitigate hardship for individuals/HUFs entering specified agreements for property development: - Capital gains are chargeable in the previous year when the *certificate of completion* for the project (whole or part) is issued by the competent authority. - **Specified Agreement:** A registered agreement where a person owning land/building allows another to develop a real estate project in consideration for a share in the project (with or without cash). - **Full value of consideration:** The stamp duty value of the assessee's share in the project on the date of completion certificate, *plus* any consideration received in cash/cheque/draft/other modes. - **Non-applicability of beneficial provision:** If the assessee transfers their share in the project *on or before* the completion certificate date, these beneficial provisions do not apply. Capital gains arise in the year of transfer, and full value of consideration is determined by general provisions. - **Definition of Terms:** - **Competent authority:** Authority empowered to approve building plans. - **Stamp duty value:** Value adopted or assessed for stamp duty purposes. #### Capital Gains on Distribution of Assets by Companies in Liquidation (Section 46) - **In the hands of the liquidated company (Section 46(1)):** Distribution of assets to shareholders on liquidation is *not regarded as a transfer* for capital gains purposes. - *Note:* If the liquidator *sells* assets, the company is liable to tax on any capital gains from that sale. - **In the hands of shareholders (Section 46(2)):** Shareholders receive money or assets on liquidation. - **Taxability:** Chargeable to income-tax under 'Capital Gains' on the market value of assets (or money) received. - **Deemed Dividend:** The portion of the distribution attributable to accumulated profits is treated as dividend income (Section 2(22)(c)) and taxed under 'Income from Other Sources'. This amount is *deducted* from the market value/money received for capital gains computation. - **Subsequent Sale by Shareholders:** If the shareholder later transfers the asset received, the *Fair Market Value on the date of distribution* is treated as the cost of acquisition. #### Capital Gains on Buyback of Shares or Other Securities (Section 46A) - **Shares of a company (other than domestic) and specified securities:** - Any consideration received by a holder from a company on buyback of its specified securities is chargeable to tax as capital gains. - **Computation:** Capital gain = (Consideration received) - (Cost of acquisition). - Chargeable in the year of buyback. - **Buyback by Domestic Companies:** - Consideration received by a shareholder for buyback of shares by a domestic company is treated as **dividend** and taxed under 'Income from Other Sources'. - No deduction for expenses is available. - The value of consideration is treated as **Nil** for capital gains purposes, resulting in a capital loss (Cost of acquisition - 0). This loss can be set off and carried forward. ### 5. Transactions Not Regarded as Transfer (Section 47) Section 47 specifies certain transactions that are **not considered transfers** for capital gains tax purposes: - **Distribution of Assets on Partition of HUF (47(i)):** Any distribution of capital assets on the total or partial partition of a Hindu Undivided Family (HUF). - **Transfer by Gift, Will, or Irrevocable Trust (47(iii)):** Any transfer of a capital asset by an individual or HUF under a gift, will, or an irrevocable trust. (Until AY 2024-25, this also applied to certain capital assets other than shares/debentures/warrants allotted by ESOP). - **Transfer by Holding Company to Subsidiary (47(iv)):** Any transfer of a capital asset by a holding company to its wholly-owned Indian subsidiary. - *Condition:* The holding company must own the entire share capital of the subsidiary. - **Transfer by Subsidiary Company to Holding Company (47(v)):** Any transfer of a capital asset by a wholly-owned Indian subsidiary company to its holding company. - *Condition:* The holding company must own the entire share capital of the subsidiary. - *Note for 47(iv) & 47(v):* These exemptions do not apply if the capital asset is transferred as stock-in-trade. - **Transfer in Amalgamation (47(vi)):** Any transfer of a capital asset by an amalgamating company to the amalgamated Indian company in a scheme of amalgamation. - **Transfer in Amalgamation of Foreign Companies (47(via), 47(viab)):** Transfers of capital assets (including shares) between amalgamating foreign companies and amalgamated foreign companies under specific conditions (e.g., minimum 25% shareholder continuity, no capital gains tax in foreign country). - **Transfer by Banking Company to Banking Institution (47(viaa)):** Transfer of capital assets by a banking company to a banking institution in a scheme of amalgamation sanctioned by the Central Government. - **Transfer in Demerger (47(vib), 47(vic)):** Any transfer of a capital asset by a demerged company to the resulting Indian company in a scheme of demerger. Also applies to shares in a demerged foreign company transferred to a resulting foreign company under specific conditions. - **Transfer by Co-operative Bank in Business Reorganization (47(vica), 47(vicb)):** Transfers of capital assets by a predecessor co-operative bank to a successor co-operative bank, or by shareholders of such bank, under specific conditions. - **Transfer by Demerged Foreign Company to Resulting Foreign Company (47(vicc)):** Transfer of a capital asset (shares of an Indian company) by a demerged foreign company to a resulting foreign company under specific conditions. - **Transfer/Issue of Shares by Resulting Company in Demerger (47(vid)):** Transfer or issue of shares by a resulting company to the shareholders of the demerged company in consideration of the demerger. - **Transfer by Shareholder of Amalgamating Company (47(vii)):** Transfer of shares held in an amalgamating company to the amalgamated company in a scheme of amalgamation, in exchange for shares in the amalgamated company (if it is an Indian company). - **Transfer of Bonds/GDRs by Non-Resident (47(viia)):** Transfer of specific bonds or Global Depository Receipts (GDRs) by a non-resident to another non-resident outside India, subject to conditions in Section 115AC(1). - **Transfer Outside India by Non-Resident (47(viiaa)):** Transfer of a rupee-denominated bond of an Indian company by a non-resident to another non-resident outside India. - **Transfer of Specified Capital Assets by Non-Resident in IFSC (47(viiab)):** Transfer of specified capital assets (e.g., foreign currency denominated bonds, mutual fund units, AIF units, Bullion Depository Receipts, REITs/InvITs units, ETF units) by a non-resident on a recognized stock exchange in an IFSC, where consideration is paid in foreign currency. - **Relocation of Capital Asset by Original Fund (47(viiac)):** Transfer of a capital asset by an "original fund" to a "resulting fund" in a relocation. - **Transfer by Shareholder/Unit Holder in Relocation (47(viiad)):** Transfer by a shareholder or unit holder of an "original fund" to a "resulting fund" in a relocation. - **Transfer by India Infrastructure Finance Company Limited (47(viiae)):** Transfer of capital assets to an institution established for financing infrastructure and development. - **Transfer by Public Sector Company (47(viiaf)):** Transfer of capital assets by a public sector company to another public sector company (or Central/State Government) under an approved plan. - **Redemption of Sovereign Gold Bond by Individual (47(viic)):** Redemption of Sovereign Gold Bond (SGB) by an individual. - **Transfer of Gold into EGR or vice versa (47(viid)):** Conversion of gold into Electronic Gold Receipt (EGR) or vice versa. - **Transfer to Government/University/Museum (47(ix)):** Transfer of certain works of art, archaeological collections, drawings, paintings, sculptures, etc., to the Government or a university/national museum. - **Conversion of Bonds/Debentures into Shares (47(x)):** Conversion of bonds, debentures, debenture-stock, or deposit certificates of a company into shares or debentures of the same company. - **Transfer by Sick Industrial Company (47(xii)):** Transfer of land by a sick industrial company under a scheme sanctioned under the Sick Industrial Companies (Special Provisions) Act, 1985. - **Transfer on Succession of Firm/AOP/BOI to Company (47(xiii)):** Transfer of capital assets or intangible assets by a firm/AOP/BOI to a company on succession, subject to specific conditions (e.g., all assets/liabilities transferred, partners become shareholders, 50% voting power retained for 5 years). - **Transfer of Membership of Recognized Stock Exchange (47(xiiia)):** Transfer of membership rights of a recognized stock exchange for acquisition of shares/trading/clearing rights. - **Transfer on Succession of Private/Unlisted Public Company to LLP (47(xiiib)):** Transfer of capital assets or intangible assets by a private/unlisted public company to an LLP, or transfer of shares by a shareholder on conversion into an LLP, subject to conditions (e.g., all assets/liabilities transferred, shareholders become partners, 50% profit share for 5 years). - **Transfer on Succession of Sole Proprietary Concern to Company (47(xiv)):** Transfer of capital assets or intangible assets by a sole proprietary concern to a company on succession, subject to conditions (e.g., all assets/liabilities transferred, proprietor holds 50% voting power for 5 years). - **Lending of Securities (47(xv)):** Transfer in a scheme for lending securities as per SEBI/RBI guidelines. - **Transfer under Reverse Mortgage (47(xvi)):** Transfer of a capital asset in a reverse mortgage transaction under a Central Government notified scheme. - **Transfer of Capital Asset to Business Trust (47(xvii)):** Transfer of a capital asset (shares of a special purpose vehicle) to a business trust in exchange for units. - **Transfer of Units in Mutual Fund Consolidation (47(xviii)):** Transfer of units in a consolidating scheme of a mutual fund to a consolidated scheme. - **Transfer of Units in Mutual Fund Consolidating Plan (47(xix)):** Transfer of units in a consolidating plan of a mutual fund scheme to a consolidated plan. - **Transfer of Capital Asset to Public Sector Company (47(xx)):** Transfer of a capital asset (interest in a joint venture) by a public sector company in exchange for shares of a foreign State company. #### Withdrawal of Exemption in Certain Cases (Section 47A) - **Conditions for withdrawal of exemptions under Section 47(iv) or 47(v) (Holding/Subsidiary Companies):** - If the capital asset transferred is converted into stock-in-trade by the transferee company within 8 years from the date of transfer. - If the parent company ceases to hold the entire share capital of the subsidiary company within 8 years from the date of transfer. - In such cases, the capital gains previously exempt are deemed to be the income of the transferor company in the year the condition is violated. - **Conditions for withdrawal of exemption under Section 47(xiiia) (Membership of Stock Exchange):** - If the shares of the company received in exchange for transfer of membership are transferred within 3 years from the date of such transfer. - The capital gains previously exempt are deemed to be the income in the year of transfer. - **Conditions for withdrawal of exemptions under Section 47(xiii) or 47(xiv) (Succession of Firm/Proprietary Concern to Company):** - If any of the specified conditions for succession are not complied with. - The profits or gains are deemed to be chargeable to tax for the successor company in the year of non-compliance. - **Conditions for withdrawal of exemption under Section 47(xiiib) (Conversion of Private/Unlisted Public Company to LLP):** - If any of the specified conditions for conversion are not complied with. - The capital gains previously not charged are deemed to be chargeable to tax for the LLP or the shareholder of the predecessor company in the year of non-compliance. ### 6. Mode of Computation of Capital Gains (Section 48) The income chargeable under 'Capital Gains' is computed by deducting the following from the full value of consideration: 1. **Expenditure incurred wholly and exclusively in connection with such transfer:** Examples include brokerage, stamp duty, registration fees, and legal expenses. 2. **Cost of acquisition and cost of any improvement thereto:** - *Exclusion:* Deductions claimed for interest under Section 24(b) or Chapter VI-A are not included in the cost of acquisition/improvement. - **Deduction from cost for unit of business trust:** The cost of acquisition of a unit of a business trust is reduced by any sum received from the trust that is not interest, dividend (Section 10(23FC)), or rental income (Section 10(23FCA)). - **Attribution of value for Section 45(4):** If money or capital asset is received from a specified entity under Section 45(4), the amount chargeable to income-tax attributable to the capital asset is reduced from its cost. 3. **No deduction for STT:** No deduction is allowed for Securities Transaction Tax (STT) paid. #### Cost Inflation Index (CII) - **Purpose:** To adjust the cost of acquisition and improvement for inflation, thereby reducing the taxable capital gain (for long-term assets). - **Definition:** CII for a previous year is notified by the Central Government, based on 75% of the average rise in the Consumer Price Index (Urban) for the immediately preceding previous year. - **Indexed Cost of Acquisition:** (Cost of acquisition) $\times \frac{\text{CII of transfer year}}{\text{CII of first year of holding or 2001-02 (whichever is later)}}$. - **Indexed Cost of Improvement:** (Cost of improvement) $\times \frac{\text{CII of transfer year}}{\text{CII of year of improvement}}$. - **Indexation for Land/Building (acquired before 23.7.2024):** For individuals/HUF residents, on transfer of long-term capital assets being land or building (or both) acquired before 23.7.2024, they can opt for indexation or tax at 12.5% without indexation (whichever is beneficial). - **CII Table:** | Financial Year | Cost Inflation Index | | :------------- | :------------------- | | 2001-02 | 100 | | 2002-03 | 105 | | 2003-04 | 109 | | 2004-05 | 113 | | 2005-06 | 117 | | 2006-07 | 122 | | 2007-08 | 129 | | 2008-09 | 137 | | 2009-10 | 148 | | 2010-11 | 167 | | 2011-12 | 184 | | 2012-13 | 200 | | 2013-14 | 220 | | 2014-15 | 240 | | 2015-16 | 254 | | 2016-17 | 264 | | 2017-18 | 272 | | 2018-19 | 280 | | 2019-20 | 289 | | 2020-21 | 301 | | 2021-22 | 317 | | 2022-23 | 331 | | 2023-24 | 348 | | 2024-25 | 363 | | 2025-26 | 376 | #### Full Value of Consideration for ESOP Transfers (Upto AY 2024-25) - For shares, debentures, or warrants issued under ESOP and transferred by gift or irrevocable trust (up to AY 2024-25), the market value on the date of transfer is deemed to be the full value of consideration. #### Special Provision for Non-Residents - For non-residents investing foreign exchange to acquire capital assets (shares/debentures of Indian companies), capital gains are computed as follows: - Cost of acquisition, transfer expenses, and full value of consideration are converted into the original foreign currency of acquisition. - Conversion uses average Telegraphic Transfer Buying Rate (TTBR) and Telegraphic Transfer Selling Rate (TTSR) on respective dates. - Resulting capital gains are reconverted into Indian currency using TTBR on the date of transfer. - This provides relief from foreign currency fluctuation. - **Rupee Denominated Bonds (RDBs):** Gains from appreciation of rupee between purchase and redemption of RDBs are *not* included in full value of consideration for non-resident assessees. - *Exception:* This benefit does not apply to long-term capital gains from equity shares (STT paid on acquisition and transfer) or units of equity-oriented funds/business trusts (STT paid on transfer) under Section 112A. ### 7. Ascertainment of Cost in Specified Circumstances (Section 49) Section 49 provides guidelines for determining the cost of acquisition when an asset is acquired through means other than direct purchase. #### Cost to Previous Owner Deemed as Cost of Acquisition (Section 49(1)) - When a capital asset becomes the assessee's property through: - Distribution of assets on total or partial partition of a HUF. - Gift or will (by an individual or HUF, up to 31.3.2024). - Succession, inheritance, or devolution. - Distribution of assets on the liquidation of a company. - Transfer to a revocable or an irrevocable trust. - Various transfers not regarded as 'transfer' under Section 47 (e.g., transfers between holding and subsidiary companies, amalgamations, demergers, conversion of preference shares into equity shares, etc.). - Conversion of self-acquired property of a member into HUF property (Section 64(2)). - **Cost of Acquisition:** The cost for which the *previous owner* acquired the asset. - **Cost of Improvement:** To this cost, the cost of improvement incurred by the previous owner or the assessee on or after 1.4.2001 is added. - **Period of Holding:** The period for which the capital asset was held by the *previous owner* is also considered for determining if it is a short-term or long-term asset. - **Indexation Benefit:** For gifted assets, indexation is computed with reference to the year the *previous owner* first held the asset, not when the assessee became the owner. This benefit (for land/building acquired before 23.7.2024) is available to resident individuals/HUF. #### Shares Received in Amalgamated Company (Section 49(2)) - When shares in an amalgamated Indian company become the property of the assessee due to transfer of shares in the amalgamating company. - **Cost of Acquisition:** The cost of acquisition of the shares in the *amalgamating company*. (Also applies to business reorganization of co-operative banks). #### Shares/Debentures Received on Conversion (Section 49(2A)) - When a person becomes the owner of shares or debentures due to conversion of bonds, debentures, debenture stock, or deposit certificates (referred to in Section 47(x)). - **Cost of Acquisition:** That part of the cost of the original bonds/debentures/certificates related to which the shares/debentures are acquired. #### Specified Security or Sweat Equity Shares (Section 49(2AA)) - If capital gains arise from transfer of specified security or sweat equity shares (referred to in Section 17(2)(vi)). - **Cost of Acquisition:** The fair market value taken into account for perquisite valuation. #### Rights in a Firm from Company Conversion to LLP (Section 49(2AAA)) - When a shareholder of a company receives rights in a partnership firm as consideration for transfer of shares on conversion of a company into an LLP (referred to in Section 47(xiiib)). - **Cost of Acquisition:** The cost of acquisition of the *shares in the predecessor company* immediately before its conversion. #### Shares Acquired on Redemption of GDR (Section 49(2ABB)) - When shares of a company are acquired by a non-resident on redemption of GDR (referred to in Section 115AC(1)(b)). - **Cost of Acquisition:** The price of such shares prevailing on any recognized stock exchange on the date a request for redemption was made. #### Unit of Business Trust from SPV Shares (Section 49(2AC)) - When a unit of a business trust becomes property of the assessee in consideration of transfer of shares of a special purpose vehicle (referred to in Section 47(xvii)). - **Cost of Acquisition:** The cost of acquisition of the *shares* to the assessee. #### Equity Shares from Preference Shares Conversion (Section 49(2AE)) - When equity shares of a company become the property of the assessee due to conversion of preference shares (referred to in Section 47(xb)). - **Cost of Acquisition:** That part of the cost of the *preference share* related to which the equity shares are acquired. #### Units Acquired Under Consolidated Plan of Mutual Fund Scheme (Section 49(2AF)) - When a unit or units in a consolidated plan of a mutual fund scheme become the property of the assessee in consideration of a transfer (referred to in Section 47(xix)). - **Cost of Acquisition:** The cost of acquisition of the *unit or units in the consolidating plan* of the scheme. #### Shares of Foreign Company by Government of Foreign State (Section 49(2AI)) - When shares of a company incorporated outside India by the Government of a foreign State become the property of the assessee (referred to in Section 47(xx)). - **Cost of Acquisition:** The cost of acquisition of the *interest in the joint venture*. #### Shares Received in Resulting Company in Demerger (Section 49(2C)) - **Cost of Acquisition:** The cost of acquisition of shares in the resulting company is determined by the formula: $$ \text{Cost of acquisition} = \text{A} \times \frac{\text{B}}{\text{C}} $$ - A = Cost of acquisition of shares held in the demerged company. - B = Net book value of assets transferred in the demerger. - C = Net worth of the demerged company (paid-up share capital + general reserves). - *Note:* "Net worth" is the aggregate of paid-up share capital and general reserves as per the books of account of the demerged company immediately before demerger. #### Shares Held in Demerged Company (Section 49(2D)) - The cost of acquisition of the *original shares held in the demerged company* is deemed to be reduced by the amount calculated under Section 49(2C). (Also applies to business reorganization of co-operative banks). #### Capital Asset Transferred by Holding Company (Section 49(3)) - When a capital gain arises from a transfer referred to in Section 47A (e.g., withdrawal of exemption for holding/subsidiary transfers). - **Cost of Acquisition:** The cost for which the *asset was acquired by the transferor company*. #### Property Subject to Tax Under Section 56(2)(x) (Section 49(4)) - If capital gain arises from transfer of property that was previously subject to tax under Section 56(2)(x). - **Cost of Acquisition:** The value taken into account for purposes of Section 56(2)(x). #### Specified Capital Asset Under Land Pooling Scheme (Section 49(6)) - For capital gains from transfer of a reconstituted plot or land (received under Land Pooling Scheme) after 2 years from the end of the financial year in which possession was handed over. - **Cost of Acquisition:** The stamp duty value on the last day of the second financial year after the end of the financial year of possession. - **Exemption (Section 10(37A)):** Capital gains from transfer of specified capital assets under the Land Pooling Scheme (for land owners as of 2.6.2014) are exempt. This includes the land/building itself, LPOCs, and reconstituted plots/land (if transferred within 2 years from end of FY of possession). #### Capital Asset in Project Under Section 45(5A) (Section 49(7)) - When capital gain arises from a share in a project (land/building) under Section 45(5A) (taxable on completion certificate). - **Cost of Acquisition:** The stamp duty value on the date of completion certificate plus cash consideration (deemed full value of consideration). - *Note:* This does not apply if the share is transferred on or before the completion certificate date. #### Capital Assets of Entities (Section 49(8)) - When capital gain arises from transfer of an asset which was held by a trust/institution where accreted income was taxed under Section 115TD. - **Cost of Acquisition:** The fair market value of the asset which has been taken into account for computation of accreted income. #### Capital Asset Used as Inventory Before Conversion (Section 49(9)) - When capital gain arises from transfer of a capital asset that was previously used as inventory before its conversion into a capital asset. - **Cost of Acquisition:** The fair market value of the inventory as on the date of such conversion. #### Electronic Gold Receipt or Gold (Section 49(10)) - **EGR issued by Vault Manager:** The cost of gold in the hands of the person in whose name EGR was issued. - **Gold released from EGR:** The cost of the EGR in the hands of the person. #### Any Other Capital Asset (Section 55(2)(6)) - **Acquired before 1.4.2001:** - **Cost of Acquisition:** Actual cost or FMV on 1.4.2001 (at assessee's option). - *Exception (Land/Building):* FMV on 1.4.2001 cannot exceed stamp duty value as on 1.4.2001. - **Acquired by modes specified in Section 49(1):** - **Cost of Acquisition:** Cost to the previous owner. - If previous owner acquired before 1.4.2001, assessee can opt for FMV on 1.4.2001. - *Exception (Land/Building):* FMV on 1.4.2001 cannot exceed stamp duty value as on 1.4.2001. - **Acquired on liquidation of company (assessee assessed u/s 46):** - **Cost of Acquisition:** FMV of the asset on the date of distribution. - **Share/Stock of a company (consolidation, conversion, sub-division):** Cost is derived from the shares/stock from which it is derived. #### Cost of Acquisition of Assets: At a Glance | S. No. | Nature of asset | | Security listed in a recognized stock exchange (including listed units of a business trust) | 12 months | > 12 months | | Unit of equity-oriented fund/unit of UTI | 12 months | > 12 months | | Zero Coupon Bond | 12 months | > 12 months | | Other capital assets | 24 months | > 24 months | - **Note:** Capital gains from transfer of units of specified mutual fund (acquired on or after 1.4.2023), market linked debentures, unlisted bonds, and unlisted debentures are *always* short-term capital gains, regardless of holding period. #### **Meaning of Certain Terms:** - **Equity-oriented fund:** A fund under Section 10(23D) or an insurance company scheme (not exempt u/s 10(10D)) which primarily invests in equity shares of domestic companies. - **Zero Coupon Bond:** A bond issued by an infrastructure capital company/fund or public sector company/scheduled bank, notified by the Central Government, with no payment/benefit before maturity/redemption. - Income from transfer of Zero Coupon Bond (not stock-in-trade) is treated as capital gains. - Maturity/redemption of a Zero Coupon Bond is treated as a transfer. #### **Determination of Period of Holding (Specific Cases):** - **Shares in a company in liquidation:** The period *after* the date of liquidation is excluded. - **Asset becoming property by virtue of Section 49(1):** The period for which the asset was held by the *previous owner* is included. - **Inventory converted to capital asset:** Period from the date of conversion or treatment as a capital asset is considered. - **Shares in Indian amalgamated company (in lieu of shares in amalgamating company):** The period for which the shares were held by the assessee in the amalgamating company is included. - **Subscribed shares/securities (right basis):** Period from the date of allotment is reckoned. - **Renounced right to subscribe to shares/securities:** Period from the date of offer of such right is reckoned. - **Allotted financial asset without payment (based on other financial asset):** Period from the date of allotment is reckoned. - **Shares in demerged Indian company (resulting company):** The period for which the shares were held by the assessee in the demerged company is included. - **Trading/clearing rights of recognized stock exchange (demutualization/corporatization):** The period for which the person was a member immediately prior to such demutualization/corporatization is included. - **Equity shares allotted (demutualization/corporatization of recognized stock exchange):** The period for which the person was a member immediately prior to such demutualization/corporatization is included. - **Unit of business trust (allotted on transfer of shares u/s 47(xvii)):** The holding period for which the share(s) held by the assessee is included. - **Units in consolidated scheme of mutual fund (on transfer of units):** The period for which the unit(s) in the consolidating scheme were held is included. - **Shares acquired by non-resident on redemption of Global Depository Receipts:** Period from the date on which a request for such redemption was made is reckoned. - **Equity share in company (conversion of preference shares):** The period for which the *preference shares* were held is included. - **Units in consolidated plan of mutual fund (on transfer of units):** The period for which the unit(s) in the consolidating plan were held is included. - **Unit or units in segregated portfolio (Section 49(2AG)):** The period for which the original unit or units in the main portfolio were held is reckoned. - **Electronic Gold Receipt (EGR) issued by Vault Manager:** The period for which gold was held prior to conversion into EGR is reckoned. - **Gold released from EGR:** The period for which the Electronic Gold Receipt was held prior to conversion into gold is reckoned. - **Specified security or sweat equity shares (allotted/transferred by employer):** Period from the date of allotment or transfer is reckoned. #### **Other Capital Assets (Clause (ii) of Explanation 1 to Section 2(42A)):** - The period of holding for other capital assets is determined by Rule 8AA of the Income-tax Rules. - **Share or debenture of a company (property u/s 47(x)):** Includes the period for which the bond, debenture, debenture-stock, or deposit certificate was held by the assessee prior to its conversion. #### **Example of Capital Asset Definition:** ```mermaid graph TD A[CAPITAL ASSET (Section 2(14))] --> B[Property of any kind]; A --> C[Securities held by FII/Investment Fund]; A --> D[ULIP not exempt u/s 10(10D)]; B --> B1[Connected with business/profession]; B --> B2[Not connected with business/profession]; A --> E[EXCLUSIONS]; E --> E1[Stock-in-trade (Excl. specified securities)]; E --> E2[Personal Effects]; E --> E3[Rural Agricultural Land in India]; E --> E4[Specified Gold Bonds]; E --> E5[Special Bearer Bonds, 1991]; E --> E6[Gold Deposit Bonds/Certificates]; E2 --> E2a[Wearing apparel]; E2 --> E2b[Furniture]; E2 --> E2c[EXCLUSIONS FROM PERSONAL EFFECTS (These are Capital Assets)]; E2c --> E2c1[Jewellery]; E2c --> E2c2[Archaeological collections]; E2c --> E2c3[Drawings]; E2c --> E2c4[Paintings]; E2c --> E2c5[Sculptures]; E2c --> E2c6[Any work of art]; ``` #### **Rural Agricultural Land Criteria (Not a Capital Asset):** Agricultural land is *not* a capital asset if it is located in an area that is: 1. Not within the jurisdiction of a municipality or cantonment board with a population of not less than 10,000. 2. Not within a specified aerial distance from the local limits of a municipality or cantonment board, based on population: - If population > 10,000 but $\le 1,00,000$: aerial distance > 2 kms. - If population > 1,00,000 but $\le 10,00,000$: aerial distance > 6 kms. - If population > 10,00,000: aerial distance > 8 kms. #### **Example:** | Area | Shortest aerial distance from local limits (a) | Population (last preceding census) | Is the land a capital asset? | | :--- | :--------------------------------------------- | :--------------------------------- | :--------------------------- | | A | 1 km | 9,000 | No | | B | 1.5 kms | 12,000 | Yes | | C | 2 kms | 11,00,000 | Yes | | D | 3 kms | 80,000 | No | | E | 4 kms | 3,00,000 | Yes | | F | 5 kms | 12,00,000 | Yes | | G | 6 kms | 8,000 | No | | H | 7 kms | 4,00,000 | No | | I | 8 kms | 10,50,000 | Yes | | J | 9 kms | 15,00,000 | No | - *Explanation:* Capital gains from the transfer of urban agricultural land are exigible to tax under Section 45 and will not be treated as agricultural income for exemption purposes (Section 10(1A), Explanation 1). #### **Summary of Period of Holding:** ```mermaid graph TD A[Period of Holding] --> B{Asset acquired by previous owner?}; B -- Yes (u/s 49(1)) --> C[Previous owner's holding period included]; B -- No --> D{Shares in company in liquidation?}; D -- Yes --> E[Period after liquidation excluded]; D -- No --> F{Inventory converted to capital asset?}; F -- Yes --> G[Period from conversion date]; F -- No --> H{Shares in amalgamated Indian company?}; H -- Yes --> I[Holding period in amalgamating company included]; H -- No --> J{Subscribed shares/securities (right basis)?}; J -- Yes --> K[From allotment date]; J -- No --> L{Renounced right to subscribe?}; L -- Yes --> M[From offer date]; L -- No --> N{Allotted financial asset without payment?}; N -- Yes --> O[From allotment date]; N -- No --> P{Shares in demerged Indian company?}; P -- Yes --> Q[Holding period in demerged company included]; P -- No --> R{Trading/clearing rights of recognized stock exchange?}; R -- Yes --> S[Period as member prior to demutualization/corporatization]; R -- No --> T{Equity shares allotted (demutualization/corporatization)?}; T -- Yes --> U[Period as member prior to demutualization/corporatization]; T -- No --> V{Unit of business trust (shares u/s 47(xvii))?}; V -- Yes --> W[Holding period of shares included]; V -- No --> X{Units in consolidated mutual fund scheme?}; X -- Yes --> Y[Holding period in consolidating scheme included]; X -- No --> Z{Shares from GDR redemption by non-resident?}; Z -- Yes --> Z1[From redemption request date]; Z -- No --> Z2{Equity shares from preference share conversion?}; Z2 -- Yes --> Z3[Holding period of preference shares included]; Z2 -- No --> Z4{Units in consolidated mutual fund plan?}; Z4 -- Yes --> Z5[Holding period in consolidating plan included]; Z4 -- No --> Z6{Unit/units in segregated portfolio (u/s 49(2AG))?}; Z6 -- Yes --> Z7[Holding period of original unit/units in main portfolio included]; Z6 -- No --> Z8{EGR issued by Vault Manager?}; Z8 -- Yes --> Z9[Holding period of gold prior to conversion included]; Z8 -- No --> Z10{Gold released from EGR?}; Z10 -- Yes --> Z11[Holding period of EGR prior to conversion included]; Z10 -- No --> Z12{Specified security/sweat equity shares (employer)?}; Z12 -- Yes --> Z13[From allotment/transfer date]; Z12 -- No --> Z14[Other cases (Rule 8AA)]; ``` ### 8. Cost of Improvement (Section 55(1)) #### **Goodwill/Intangible Asset:** - For goodwill of a business or profession, trademark, brand name, or any other intangible asset/right, the **cost of improvement is NIL**. #### **Any Other Capital Asset:** - **Acquired before 1.4.2001 (by previous owner or assessee):** - Includes all capital expenditure incurred for additions or alterations to the asset on or after 1.4.2001 by the previous owner and the assessee. - **Acquired on or after 1.4.2001 (by previous owner and assessee):** - **Covered U/S 49(1):** All capital expenditure incurred for additions or alterations by the previous owner and the assessee. - **Not Covered U/S 49(1):** All capital expenditure incurred for additions or alterations by the assessee after it became the assessee's property. - **General Rule:** Cost of improvement includes capital expenditure on addition or alteration. - **Exclusions:** - Expenditure deductible under 'Income from house property', 'Profits and gains of business or profession', or 'Income from other sources'. - Routine expenses on repairs and maintenance. #### **Cost of Acquisition of Financial Assets (Section 55(2))** - **Original shares (basis of rights shares):** Amount actually paid for acquiring the original financial assets. - **Rights entitlement (renounced):** Cost of acquisition is **NIL**. - **Rights shares acquired by assessee:** Amount actually paid for acquiring such asset. - **Rights shares purchased by renouncer:** Aggregate of amount paid to renouncer and amount paid to the company/institution. - **Bonus Shares (allotted without payment):** - **Allotted before 1.4.2001:** Assessee can opt for FMV as on 1.4.2001 as cost. - **Allotted on or after 1.4.2001:** Cost of acquisition is **NIL**. - **Allotted before 1.2.2018 (STT paid on transfer):** Higher of (Actual cost (Nil if on/after 1.4.2001; FMV on 1.4.2001 if before 1.4.2001)) and (Lower of FMV on 31.1.2018 and Actual Sale Consideration). #### **Cost of Acquisition of Assets: At a Glance (Table)** | S. No. | Nature of asset | | Zero Coupon Bond | 12 months | > 12 months | | Other capital assets | 24 months | > 24 months | - **Note:** Capital gains from transfer of units of specified mutual fund (acquired on or after 1.4.2023), market linked debentures, unlisted bonds, and unlisted debentures are *always* short-term capital gains, regardless of holding period. #### **Meaning of Certain Terms:** - **Equity-oriented fund:** A fund under Section 10(23D) or an insurance company scheme (not exempt u/s 10(10D)) which primarily invests in equity shares of domestic companies. - **Zero Coupon Bond:** A bond issued by an infrastructure capital company/fund or public sector company/scheduled bank, notified by the Central Government, with no payment/benefit before maturity/redemption. - Income from transfer of Zero Coupon Bond (not stock-in-trade) is treated as capital gains. - Maturity/redemption of a Zero Coupon Bond is treated as a transfer. #### **Determination of Period of Holding (Specific Cases):** - **Shares in a company in liquidation:** The period *after* the date of liquidation is excluded. - **Asset becoming property by virtue of Section 49(1):** The period for which the asset was held by the *previous owner* is included. - **Inventory converted to capital asset:** Period from the date of conversion or treatment as a capital asset is considered. - **Shares in Indian amalgamated company (in lieu of shares in amalgamating company):** The period for which the shares were held by the assessee in the amalgamating company is included. - **Subscribed shares/securities (right basis):** Period from the date of allotment is reckoned. - **Renounced right to subscribe to shares/securities:** Period from the date of offer of such right is reckoned. - **Allotted financial asset without payment (based on other financial asset):** Period from the date of allotment is reckoned. - **Shares in demerged Indian company (resulting company):** The period for which the shares were held by the assessee in the demerged company is included. - **Trading/clearing rights of recognized stock exchange (demutualization/corporatization):** The period for which the person was a member immediately prior to such demutualization/corporatization is included. - **Equity shares allotted (demutualization/corporatization of recognized stock exchange):** The period for which the person was a member immediately prior to such demutualization/corporatization is included. - **Unit of business trust (allotted on transfer of shares u/s 47(xvii)):** The holding period for which the share(s) held by the assessee is included. - **Units in consolidated scheme of mutual fund (on transfer of units):** The period for which the unit(s) in the consolidating scheme were held is included. - **Shares acquired by non-resident on redemption of Global Depository Receipts:** Period from the date on which a request for such redemption was made is reckoned. - **Equity share in company (conversion of preference shares):** The period for which the *preference shares* were held is included. - **Units in consolidated plan of mutual fund (on transfer of units):** The period for which the unit(s) in the consolidating plan were held is included. - **Unit or units in segregated portfolio (Section 49(2AG)):** The period for which the original unit or units in the main portfolio were held is reckoned. - **Electronic Gold Receipt (EGR) issued by Vault Manager:** The period for which gold was held prior to conversion into EGR is reckoned. - **Gold released from EGR:** The period for which the Electronic Gold Receipt was held prior to conversion into gold is reckoned. - **Specified security or sweat equity shares (allotted/transferred by employer):** Period from the date of allotment or transfer is reckoned. #### **Other Capital Assets (Clause (ii) of Explanation 1 to Section 2(42A)):** - The period of holding for other capital assets is determined by Rule 8AA of the Income-tax Rules. - **Share or debenture of a company (property u/s 47(x)):** Includes the period for which the bond, debenture, debenture-stock, or deposit certificate was held by the assessee prior to its conversion. #### **Example of Capital Asset Definition:** ```mermaid graph TD A[CAPITAL ASSET (Section 2(14))] --> B[Property of any kind]; A --> C[Securities held by FII/Investment Fund]; A --> D[ULIP not exempt u/s 10(10D)]; B --> B1[Connected with business/profession]; B --> B2[Not connected with business/profession]; A --> E[EXCLUSIONS]; E --> E1[Stock-in-trade (Excl. specified securities)]; E --> E2[Personal Effects]; E --> E3[Rural Agricultural Land in India]; E --> E4[Specified Gold Bonds]; E --> E5[Special Bearer Bonds, 1991]; E --> E6[Gold Deposit Bonds/Certificates]; E2 --> E2a[Wearing apparel]; E2 --> E2b[Furniture]; E2 --> E2c[EXCLUSIONS FROM PERSONAL EFFECTS (These are Capital Assets)]; E2c --> E2c1[Jewellery]; E2c --> E2c2[Archaeological collections]; E2c --> E2c3[Drawings]; E2c --> E2c4[Paintings]; E2c --> E2c5[Sculptures]; E2c --> E2c6[Any work of art]; ``` #### **Rural Agricultural Land Criteria (Not a Capital Asset):** Agricultural land is *not* a capital asset if it is located in an area that is: 1. Not within the jurisdiction of a municipality or cantonment board with a population of not less than 10,000. 2. Not within a specified aerial distance from the local limits of a municipality or cantonment board, based on population: - If population > 10,000 but $\le 1,00,000$: aerial distance > 2 kms. - If population > 1,00,000 but $\le 10,00,000$: aerial distance > 6 kms. - If population > 10,00,000: aerial distance > 8 kms. #### **Example:** | Area | Shortest aerial distance from local limits (a) | Population (last preceding census) | Is the land a capital asset? | | :--- | :--------------------------------------------- | :--------------------------------- | :--------------------------- | | A | 1 km | 9,000 | No | | B | 1.5 kms | 12,000 | Yes | | C | 2 kms | 11,00,000 | Yes | | D | 3 kms | 80,000 | No | | E | 4 kms | 3,00,000 | Yes | | F | 5 kms | 12,00,000 | Yes | | G | 6 kms | 8,000 | No | | H | 7 kms | 4,00,000 | No | | I | 8 kms | 10,50,000 | Yes | | J | 9 kms | 15,00,000 | No | - *Explanation:* Capital gains from the transfer of urban agricultural land are exigible to tax under Section 45 and will not be treated as agricultural income for exemption purposes (Section 10(1A), Explanation 1). #### **Summary of Period of Holding:** ```mermaid graph TD A[Period of Holding] --> B{Asset acquired by previous owner?}; B -- Yes (u/s 49(1)) --> C[Previous owner's holding period included]; B -- No --> D{Shares in company in liquidation?}; D -- Yes --> E[Period after liquidation excluded]; D -- No --> F{Inventory converted to capital asset?}; F -- Yes --> G[Period from conversion date]; F -- No --> H{Shares in amalgamated Indian company?}; H -- Yes --> I[Holding period in amalgamating company included]; H -- No --> J{Subscribed shares/securities (right basis)?}; J -- Yes --> K[From allotment date]; J -- No --> L{Renounced right to subscribe?}; L -- Yes --> M[From offer date]; L -- No --> N{Allotted financial asset without payment?}; N -- Yes --> O[From allotment date]; N -- No --> P{Shares in demerged Indian company?}; P -- Yes --> Q[Holding period in demerged company included]; P -- No --> R{Trading/clearing rights of recognized stock exchange?}; R -- Yes --> S[Period as member prior to demutualization/corporatization]; R -- No --> T{Equity shares allotted (demutualization/corporatization)?}; T -- Yes --> U[Period as member prior to demutualization/corporatization]; T -- No --> V{Unit of business trust (shares u/s 47(xvii))?}; V -- Yes --> W[Holding period of shares included]; V -- No --> X{Units in consolidated mutual fund scheme?}; X -- Yes --> Y[Holding period in consolidating scheme included]; X -- No --> Z{Shares from GDR redemption by non-resident?}; Z -- Yes --> Z1[From redemption request date]; Z -- No --> Z2{Equity shares from preference share conversion?}; Z2 -- Yes --> Z3[Holding period of preference shares included]; Z2 -- No --> Z4{Units in consolidated mutual fund plan?}; Z4 -- Yes --> Z5[Holding period in consolidating plan included]; Z4 -- No --> Z6{Unit/units in segregated portfolio (u/s 49(2AG))?}; Z6 -- Yes --> Z7[Holding period of original unit/units in main portfolio included]; Z6 -- No --> Z8{EGR issued by Vault Manager?}; Z8 -- Yes --> Z9[Holding period of gold prior to conversion included]; Z8 -- No --> Z10{Gold released from EGR?}; Z10 -- Yes --> Z11[Holding period of EGR prior to conversion included]; Z10 -- No --> Z12{Specified security/sweat equity shares (employer)?}; Z12 -- Yes --> Z13[From allotment/transfer date]; Z12 -- No --> Z14[Other cases (Rule 8AA)]; ``` ### 9. Computation of Capital Gains in case of Depreciable Assets (Sections 50 & 50A) - **Section 50 (Overriding Effect):** This section overrides Section 2(42A) (definition of short-term capital asset) for depreciable assets. - **Applicability:** Applies when a capital asset is a depreciable asset forming part of a block of assets on which depreciation has been allowed. - **Modifications to Sections 48 & 49:** - If the full value of consideration from transfer of: - The asset, PLUS - Any other capital asset in the same block during the previous year, - EXCEEDS the aggregate of: 1. Expenditure incurred wholly and exclusively on such transfer(s). 2. Written Down Value (WDV) of the block at the beginning of the previous year. 3. Actual cost of any asset acquired in the block during the previous year. - Then, such excess is deemed to be **short-term capital gains (STCG)**. - If *all* assets in a block are transferred, the block ceases to exist. The difference between the sale value and the WDV (plus actual cost of new assets) is deemed STCG. - **Note:** Capital gains from depreciable assets are *always* short-term capital gains. #### **Transfer of Depreciable Assets: Tax Consequences** ```mermaid graph TD A[Transfer of Depreciable Assets] --> B{Is Full Value of Consideration (V) > WDV (C)?}; B -- Yes --> C{Does the block cease to exist?}; C -- Yes --> D[V - C is STCG]; C -- No --> E[V - C is STCG]; B -- No --> F[V - C is STCL]; ``` #### **Symbol Definitions:** | Symbol | Description | | :----- | :------------------------------------------------------------------------ | | V | Full value of consideration | | C | Opening WDV of Block (+) Actual Cost of Asset acquired in the Block during the P.Y. (+) Expenses in connection with transfer of asset | | STCG | Short Term Capital Gain | | STCL | Short Term Capital Loss | | WDV | Written Down Value | #### **Section 50A (Power Sector Assets):** - For depreciable assets in the power sector (referred to in Section 32(1)(i)), the WDV (as defined in Section 43(6)), as adjusted, is taken as the cost of acquisition for Sections 48 and 49. ### 10. Capital Gains in case of Market Linked Debentures (Section 50AA) - **Overriding Effect:** Section 50AA has an overriding effect on Section 2(42A) (definition of short-term capital asset) and Section 48 (computation of capital gains). - **Applicability:** Applies to transfer, redemption, or maturity of: - Units of a specified mutual fund acquired on or after 1.4.2023. - Market Linked Debentures (MLD). - Unlisted bonds or unlisted debentures. - **Nature of Gain:** Gains from these assets are *deemed to be short-term capital gains (STCG)* and are chargeable to tax at the normal rate. #### **Computation of Capital Gains:** - **Full Value of Consideration:** The consideration received or accruing from the transfer, redemption, or maturity of such debenture, unit, or bond. - **Deductions:** Reduced by the cost of acquisition and expenditure incurred wholly and exclusively in connection with the transfer/redemption/maturity. - **No STT Deduction:** No deduction is allowed for Securities Transaction Tax (STT) paid. #### **Meaning of Certain Terms:** | Term | Meaning | | Market Linked Debenture | A security which has an underlying principal component in the form of debt security, and where the returns are linked to market returns on other underlying securities or indices. It includes any security classified or regulated as a market linked debenture by the SEBI. | | Specified Mutual Fund | A Mutual Fund which invests more than 65% of its total proceeds in debt and money instruments or a fund which invests 65% or more of its total proceeds in units of above fund. The percentage of investment is computed with reference to the annual average of the daily closing figures. | | Debt and money market instrument | It includes any securities classified or regulated as debt and money market instruments by the SEBI. | | **Period of Holding:** **CII for F.Y. 2001-02: 100** | | | 1. | Goodwill of business or profession, trademark, brand name or any other intangible asset, etc. | | 2. | Bonus Shares: | Cost of acquisition | | :------------------ | 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The file has been moved to the new location.