NOTIONAL COST OF ACQUISITION Notional cost of acquisition is a term used in the Indian
COST OF ACQUISITION
The cost of acquisition of a capital asset under the Income Tax Act is the
Expenditure on transfer
Expenditure on transfer is deductible from the full value of consideration to determine the capital
Cases when full value of consideration is determined on notional basis
Transfer of a capital asset to a close relative of the Income tax act: When a
Capital gains exempt from tax under section 115JG & FULL VALUE OF CONSIDERATION (48)
Section 115JG of the Income Tax Act, 1961 provides for exemption from capital gains tax
HINTS OF TAX PLANNING & Capital gains
Hints of tax planning under the Income Tax Act: Understand the various tax deductions and
MODE OF COMPUTATION OF RELIEF (RULE21AAA)&COMPUTATION OF RELIEF WHEN SALARY OR FAMILY PENSION HAS BEEN RECEIVED IN ARREARS OR IN ADVANCE
Computation of Relief When Salary or Family Pension Has Been Received in Arrears or in
RELIEF UNDER SECTION 89
Relief under Section 89 of the Income Tax Act, 1961 is available to taxpayers who
Salary of a foreign citizen
The salary of a foreign citizen under section 10(5)(b) of the Income Tax Act, 1961
DEDUCTION FROM SALARY INCOME {SECTION 16}
Section 16 of the Income Tax Act, 1961 allows for certain deductions from salary income.