Taxation

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Dadibattini Narayana (Querist)
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15 May 2013 What is a "Capital Asset" and "Transfer" for the purpose of chargeability as capital gains under the Income Tax Act, 1961?

CA rohit swami

CA rohit swami (Expert)
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15 May 2013 section 2(14)of I.T ACT EXPLAIN MEANING OF CAPITAL ASSETS AND 6 ITAM ARE IN EXCEPTION WITH DEFINATION WHICH ARE EXCLUDED WHEN CONSIDERING FOR CAPITAL GAIN ASSET.
U/S 2(47) EXPLAIN ABOUT TRANSFER SO REFER THESE.

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Guest

Guest (Expert)

15 May 2013 Section 2 (14) and 2(47) are big
sections, so please refer them from the following link, "http://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=496bd5d6-530b-40e2-ab15-b4113212eb68&rdb=sec&yr=a56ea192-3ca8-433a-a515-ed68a062eac7&sec=&sch=&title=Taxmann%20-%20Direct%20Tax%20Laws""

In addition there are two types of capital
assets short term capital assets (holding period of less than 1 year or 3 year) and long term capital assets (other than short term capital assets)

for short term capital asset section 2(42A)

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