Preface

Scheme of the Income Tax Act is such that income is taxed under any of the five heads of income, one of the most important of them is 'capital gains' Statutory provisions relevant to Capital Gains are sections 45 to 55A apart from sections 2(14), 2(29A), 2(29B), 2(42A), 2(47), 111A and 112. All these relate to capital gains taxation. Capital gains in itself encompasses six important aspects namely; transfer, chargeability, capital assets, cost of acquisition, computation and exemptions. Firstly, the asset has to be a capital asset and the same ought to have been transferred; it must have some cost of acquisition, except where specifically provided otherwise. It is thereafter that the issue of chargeability to capital gains arises.

This Book titled "Capital Gains Treatise" is an all pervading study encompassing the law [in commentary format] as to chargeability, computational aspects supported by illustrative computation samples, etc. This all is supplemented by Case Studies, Real Life Questions with apt Replies. So is the case with the issues of 'transfer under section 2(47), capital assets as per section 2(14), the nature thereof and taxability under particular situations. The presentation is all time exhaustive, based on a study of 3,700 plus case law. Our attempt at maintaining compactness along with exhaustiveness appears to have succeeded, so we believe.

It needs mention that the book is entirely re-written and is not an updation of any of the former editions.

The entire subject matter is divided in 16 Parts listed below :

Supplement : Post Finance Bill, 2018 Supplement

Part A

:

Capital Gains & Chargeability to Tax

Part B

:

Capital Assets

Part C

:

Nature of Capital Asset/Gain

Part D

:

Transfer

Part E

:

Chargeability Under Special Circumstances

Part F

:

Computation of Capital Gains

Part G

:

Implications of Section 50C

Part H

:

Land Development Agreements (LDA) and Transferable Development Rights

Part I

:

Exemptions from Capital Gains

Part J

:

Rates of Capital Gains Tax

Part K

:

Shares, Bonds, Debentures, Units & Stock Options

Part L

:

Assessee Specific Capital Gains Taxation

Part M

:

Business Reorganisations

Part N

:

Reference to Valuation Officer & Treatment of Losses

Part O

:

Tax Planning Ideas

Part P

:

-- Computational Problems with Solutions

 

 

-- Real Life Queries with Replies

 

 

-- Illuminating Case Studies with Considered Opinions

We have tried to deal with all dimentions of each part and also gone through all the available case law (of Courts and Tribunal Benches, both) drawing any thing and every thing available therefrom in terms of principle, planning or clarification. We have incorporated in the text as many as around 3700 plus case law, quite a large number of them being Tribunal decisions. Tribunal orders have the opportunity to analyse the latest of the statutory amendments which may come before courts only after decade or so.

An important feature of the book is that, as and where desired, the text of the book is supplemented by apt illustrations with solutions with the view to bring home the conceptual aspects easily and conveniently. That apart, several Tax Planning Ideas are sprinkled over the entire body of the book. Some of the plannings which could not be accommodated in the text pages find place in an independent Part 'O'. Likewise quite a few practice specific computational problems with their solutions are provided in the Part P.

Of special mention is the chapter dealing with law the regarding shares transactions. The issue regarding taxability of gains from shares dealings has been a contentious and confronting one and a volume of cases have been decided in that regard. We have compiled and analysed as many cases of some worth as available in public domain and tried to deal even with controversies of recent origin as of bogus capital gains from shares transactions.

We would like to mention here that Part P which includes three very very important Chapters rather sub-parts in their own right : (i) Computational Problems with Solutions, incorporating several illuminating fact situations; (ii) Real Life Queries with Replies, involving queries received from our groups journal subscribers over the past three decades; and finally (iii) certain Illuminating Case Studies with Considered Opinions, of course, ours.

We sincerely believe that this work of ours would be well received by one and all. As always, any constructive suggestions from our readers would be ever welcome.

The Finance Bill, 2018 proposes only a few amendments relating to capital gains. The Assessment Year 2019-20 Supplement covers these amendments and in its chapterwise arrangements incorporates also a large number of important and latest case law.

The particular facility that only our group provides along with the Book is the 'Website support' which incorporates the Table of Cases of the 3700 plus case law discussed in the book, full reports of all cases along with detailed headnotes, all provisions, rules, forms, circulars, notifications, etc. mentioned in the book. This is available to the reader via the address given on the opening page (iii) of the book. This support adds up another 20,000 cyber space pages to the book in print.

We have devised the coverage of the most exhaustive treatment of Capital Gains and related Issues, while keeping the weight of the book handy enough. Hope this is appreciated.

Jodhpur

--Dr. Avadhesh Ojha

20 February, 2018

--CA. Manoj Gupta