Dear Friends,
The new section 54GB has been added to the Income tax act. Can anyone please comment on the act.
https://law.incometaxindia.gov.in/DIT/File_opener.aspx?page=ITAC&schT=&csId=2c6a1464-e800-4fce-97ea-0184ba925024&rdb=sec&yr=a56ea192-3ca8-433a-a515-ed68a062eac7&sec=&sch=&title=Taxmann - Direct Tax Laws
Few questions:
1. It says should be added w.e.f. 1-4-2013 - Does this mean this is not applicable for sales of residential property in May or June 2012?? Even though it was announced in the budget this year?
2. I also did not understand the point 6(i) for eligible company which says "it is a company incorporated in India during the period from the 1st day of April of the previous year relevant to the assessment year in which the capital gain arises to the due date of furnishing of return of income under sub-section (1) of section 139 by the assessee"
Please comment, advise and guide! Thanks
CAclubindia
