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HOW TO REMEMBER..........

@*CS Siddharth Bumb. * (B.Com, CA Final, CS ) (5270 Points)

16 April 2010

HOW TO REMEMBER CAPITAL GAIN'S SECTION 54 AND ITS SUBSECTION??

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24 Replies

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 16 April 2010

Hello,

I do not remember the technicalities now but can give a simple suggestion.

1. Try and develop your interest in income tax. Develop a desire to become an expert in Income tax.

2. Discuss the section and technicalities with your friends. Just be a leader and address to your friend’s problems.

3. Focus on practical problems.

4. Focus on conceptual clarity.

5. Prepare a chart of section 54 in tabular form and mention all conditions of diff sub sections. Do this yourself. Do not borrow from friend or tax book.

Remember you can do anything.

Wait for more technically sound and better opinion.

Regards

4 Like

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CA LOVELY ARORA (C.A. B.Com (H) Graduate) (2151 Points)
Replied 16 April 2010

thnx Ankur Garg for your suggestive points......... now it's looking easy to remember sec. 54........

thanks again..........

s (-) (216 Points)
Replied 16 April 2010

Refer V.K. Singhania. There, table is already given.

Try to focus on How each section shares same provision, and where it may different. Then learn the similarities, and remember the differences.

BEST OF LUCK !!!

darshan (AUDITOR) (223 Points)
Replied 16 April 2010

MAKE LIST OF ALL SECTIONS AND SUB SECTION AND IMP POINT IN THAT SECTION IN SHORT AND PASTE IT ON UR DESK ,(WITH ATTRACTIVE DECORATION TO REMEMBER IT QUICKLY

SUDHIR & PRADEEP JI (CA FINAL+LLB + DISA) (2299 Points)
Replied 16 April 2010

dear siddharth

do meditration its make ur mind so sharp. but do hardwork also.

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CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
Replied 16 April 2010

read Paduka's fast track referencer.... da best...

YASH JAIN (ARTICLE) (554 Points)
Replied 16 April 2010

Section 54 along with its subsection deals with exemption wrt capital gains generated. I had applied the following method to remeber section 54 and its subsection

Section 54 Sell house and buy house

Section 54B : It deals with transfer of land for agriculture. Amitabh Bachan(movie star) had declared himself as farmer and income tax department was against this view.So B for bachan the farmer.

54 D: Compulsory acquisiton of land.It is Dada giri of our government. So 54D remeber D stands for dadagiri of our govt.

54EC. Invest in R(EC).

54F. Acquire house from capital gains and it should be the first house of assesse. So F for first house investment.

4 Like

YASH JAIN (ARTICLE) (554 Points)
Replied 16 April 2010

54G. Vide this seciton capital gains is exempt if assets is transferred form urban area. IN short GO from urban area.G for Go.

1 Like

CA Rahul Jain (Article) (57 Points)
Replied 16 April 2010

Firstly read the cocepts and then solve the question of that problem frm V.K. singhania all the qusetion . u will remembered all the section....

santhosh (Student) (1174 Points)
Replied 16 April 2010

Originally posted by : Ankur Garg
	Hello, I do not remember the technicalities now but can give a simple suggestion. 1. Try and develop your interest in income tax. Develop a desire to become an expert in Income tax. 2. Discuss the section and technicalities with your friends. Just be a leader and address to your friend’s problems. 3. Focus on practical problems. 4. Focus on conceptual clarity. 5. Prepare a chart of section 54 in tabular form and mention all conditions of diff sub sections. Do this yourself. Do not borrow from friend or tax book. Remember you can do anything. Wait for more technically sound and better opinion. Regards

Thank you sir...... Nice methods

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Raj Saxena (1412th Tiger) (Struggling Student) (272 Points)
Replied 16 April 2010

In my thot u shud try to correlate sections wid other things. Like I correlate the sections with the flat numbers of my colony and its residents. Or u can hv ur own remembrances.

Nitin Grover (CS) (1228 Points)
Replied 16 April 2010

Dear Siddharth

dear it easy to remember if you follow the processor said by Mr. Ankur Garg.

I totally agree with Mr. Ankur

do this you will be a master in Sec 54 or in any topic which you will do like this.

Regards

Varun (ACA CS Final Pass B.Com(H)) (270 Points)
Replied 16 April 2010

Originally posted by : YASH JAIN
	Section 54 along with its subsection deals with exemption wrt capital gains generated. I had applied the following method to remeber section 54 and its subsection Section 54 Sell house and buy house Section 54B : It deals with transfer of land for agriculture. Amitabh Bachan(movie star) had declared himself as farmer and income tax department was against this view.So B for bachan the farmer. 54 D: Compulsory acquisiton of land.It is Dada giri of our government. So 54D remeber D stands for dadagiri of our govt. 54EC. Invest in R(EC). 54F. Acquire house from capital gains and it should be the first house of assesse. So F for first house investment.