Capital gain

LESSON 12 DEDUCTIONS Dr Vandana Bansal STRUCTURE 12.0 Objectives 12.1 Introduction 12.2 Deductions from gross total income 12.3 Basic rules governing deductions under sections 80C to 80U 12.4 Deductions 12.5 Deductions to encourage savings 12.5.1 Deduction in respect of life insurance premium, etc.80C 12.5.2 Deduction in respect of pension fund 80CCC 12.5.3 Deduction in respect of contribution to pension scheme of central government 80CCD 12.6 Deductions for certain personal expenditure 12.6

FACTS: Client A is an unmarried U.S. taxpayer residing in New York City. Recently client A’s investment advisor paid her $150,000 for her investment losses. Per the client, the losses occurred due to the advisor not changing her investment objectives for her account from “all equity” to “current income” in a prompt manner. However, the advisor understood her request to mean restructure her portfolio over time as opposed to immediately. Consequently, client A incurred large monetary losses due to

Digital India: Startup Plans of 2016 Start-up India is harmonious with the PM’s innovation approach when he addressed Digital India program. The Start-up India Action plan is a great start but will need continued support and evolution to make this a true, deep revolution for the future India. Starting own business is the dream project of many individuals which is underpinned by many facilities in our country. Hundreds and thousands of business are being launched every day with a low success but

INSTRUCTIONS FROM COUSEL Tax implications on a sale of land and an intended gift of the sale of proceeds Counsel is asked to advise Mr Reginald Green who wishes to challenge an assessment of Capital Gains Tax by the HMRC. Mr Green contends that the gain benefits from the relief in section 222 of the Capital Gains Act 1992 (TCGA 1992), which states that no tax is payable if an individual disposes of his private residence. Summary of Facts Mr Reginald Green sold a parcel of land 12 months ago. Mr Green

“Mahler entered into a contract to write an article for a magazine. He was paid $20,000” Issue The primary issue is whether the consideration received by Mahler is capital or income. If the amount is income then it will be assessable under s 6-5(1) of ITAA 1997, but if it is capital the application of the general capital gain tax provision must be considered. Rule

Capital gains are effectively just money earned for having money in the first place and investing it wisely. Capital gains are realized once an investor sells their stocks in a publicly traded company, and are the way in which thousands of wealthy Americans become even richer. The term capital gains also applies to money received from index funds, which are “a type of mutual fund with a portfolio constructed to match or track the components of a market index”(CITE). This means that by depositing

QUALIFIED FOR SPECIAL TREATMENT – The provisions under sections 115C to 115-I are applicable only in respect of the following incomes derived by a non-resident Indian: a. Investment income derived from a “foreign exchange assets”; b. Long term capital gains on sale or transfer of “foreign exchange assets”. Foreign exchange asset: It means those “specified assets” which the assesse has acquired or purchased with, or subscribed to in, convertible foreign exchange. The following are “specified assets”

Creating an effective estate plan can occasionally feel daunting, but it doesn't have to be. Taking a few simple steps today can help ensure that you and your family gain the maximum benefit from your hard work and hard-earned assets. By making the right estate-planning decisions in your working years, you're more likely to enjoy a successful retirement in the future while protecting your assets for generations to come. Here are some basic strategies for starting, fine-tuning or updating your estate

Then, see if the property ticks all those important boxes. Knowing whether you need an investment that is cash-flow positive, or if you can sustain an investment property that might build some long-term capital gain, is a good basis for your decision-making. If your plan is to renovate for capital gain, then that off-the-plan property might not be the right investment for you. Also, before you think about buying in a regional location, look at the industries that are integral to the region and consider

Individuals in the United States are being unfairly taxed on their capital gains. For several reasons that I have outlined below, the capital gains rates should not be increased and in fact should be cut. Background When the income tax first came to be in the United States capital gains were taxed the same as all other forms of income, which at the time only applied to people with high incomes. Given this, very few capital gains were taxed but when taxed they were subject to very high rates. Taxpayers