Capital gains is one of the five heads of income chargeable to tax. This book shows how you can save tax on your capital gains through an analysis of both the various relevant tax provisions and all the exemptions and deductions you can avail of: What is a capital asset, What constitutes ‘‘transfer’’ of a capital asset: transactions not constituting transfer of capital assets, Distinction between long-term and short-term capital gains: a very important point since very few exemptions are available in the case of the latter, Deductions you can make in relation to the Cost Inflation Index, Special deductions available on the transfer of a residential house, How to benefit from carry-forward or set-off of capital loss, When is agricultural land a capital asset — and when it is not,
Computation of capital gain for a depreciable asset, Capital gains exemption on personal effects, Year of taxability of capital gains of different assets. Plus, all else you need to know for fool-proof tax planning of your capital gains. And, all of it at your fingertips in an instant-reference A-to-Z format.
ABOUT THE AUTHOR R N. Lakhotia
Ram Niwas Lakhotia is one of India's top authorities on taxation and practices as an advocate and tax consultant, specialising in practical tax planning and the drafting of trusts and wills.Starting with a brilliant academic career - Mr Lakhotia was ranked first in both his graduate and post graduate examinations in Commerce - he joined the Indian Revenue Service as an Income Tax Officer, Class I. He again stood first in the whole country in the Income Tax Officers' Examination. Later, he quit the revenue service and launched into a highly successful taxation practice. Spreading the message of tax planning far and wide, Mr Lakhotia has addressed thousands of lecture meetings, symposia, and seminars on tax planning. He has written dozens of books on income tax, which have run to over 470 editions. He has been interviewed over BBC, London, A.I.R., Hong Kong Radio, Zee News TV, Star News TV and Doordarshan. He was conferred an Honorary Degree of Doctor of Taxation by Giani Zail Singh, a former President of India. He is the Founder-President of Income Taxpayers Association and Rajasthani Academy, and the Principal of Lakhotia College of Taxation and Management. He is the President of Indian Vegetarian Congress (Northern Zone), Delhi. Also interested in the spread of practical spirituality and vegetarianism, Mr. Lakhotia has written books on the subject of life improvement, and edits a monthly journal, Excellent Living. In the field of social service, he has constructed a big Dharamshala (rest house) which is used by families of the patients of JLN Hospital, Ajmer. He has served as the District Governor of Lions Clubs International, and was awarded the prestigious Udyog Rattan Award, Samaj Gaurav Award, Samaj Ratna Award and Manav Seva Puraskar.
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