Taxation of Capital Gains is a comprehensive treatise covering capital gains taxation in India under both the Income-tax Act 1961 and the newly enacted Income-tax Act 2025, as amended by the Finance Act 2026. The book integrates statutory provisions, judicial decisions, CBDT Circulars and Notifications, worked illustrations, and the author's analytical views on interpretational issues.
Present Publication: 15th Edition | 2026, amended by the Finance Act 2026
Author: CA. S. Krishnan
Key Features
- Dual-Act Cross-Reference Architecture: Master and chapter-wise cross-reference tables mapping the capital gains framework between the Income-tax Act 1961 and Income-tax Act 2025.
- Statutory Currency Through Finance Act 2026: All provisions, tax rates, exemption thresholds, investment limits, and computation mechanics reflect the Finance Act 2026 amendments.
- Judicial Coverage Up to March 2026: Extensive analysis of Supreme Court, High Court, and ITAT decisions, including unreported ITAT orders, SLP dismissals, and Third Member decisions.
- Worked Illustrations: Practical numerical illustrations covering Section 50, Section 50C, Section 54EC, Section 112A, and other computation-intensive provisions.
- Author's Independent Analytical Views: Clearly identified views on contested interpretational questions, conflicting judicial decisions, and legislative amendments.
- Dedicated NRI Chapter: Covers property disposal procedures, TDS obligations, RNOR transitional status, and guidance for returning Indians.
- Historical CBDT Circular: Chapter 1 opens with the CBDT Circular dated 11-4-1955 on the responsibilities of income-tax authorities in guiding assessees.
- Appendices on COVID-19 Compliance Relaxations: Preserves the legislative record of deadline extensions relevant to exemption claims under Sections 54 to 54GB.
Coverage of the Book
- Income-tax Act 2025 – Introductory: Covers the legislative journey, key structural changes, Tax Year concept, Virtual Digital Assets, transfer exemptions, and the master cross-reference table.
- Foundational Framework: Covers charging provisions, definition of capital asset, short-term and long-term classification, and holding-period computation.
- What Constitutes a Transfer: Detailed treatment of Section 2(47), joint development agreements, family settlements, firm-partner transactions, and shareholder-company transactions.
- Transfers Not Regarded as Transfer: Comprehensive coverage of Section 47/Section 70 exemptions, including HUF partition, gifts, group-company transfers, amalgamation, demerger, LLP conversions, reverse mortgage, and mutual fund mergers.
- Year of Taxability: Covers compulsory acquisition, JDA taxability, ULIPs, firm-partner transactions, and reconstitution provisions.
- Computation Framework: Covers full-value consideration, deemed consideration, Section 50C, cost of acquisition, cost of improvement, and indexed cost.
- Exemptions and Rollover Reliefs: Comprehensive treatment of Sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G, 54GA, and 54GB, including CGAS, investment conditions, holding periods, and judicial decisions.
- NRI Taxation: Dedicated treatment of property disposal, TDS, RNOR status, and related compliance matters.
- Tax Rates and Section 112A Regime: Covers STCG and LTCG computation, STT conditions, grandfathering, loss set-off, and Finance (No. 2) Act 2024 rate revisions.
- Valuation, Loss, Liquidation and Buyback: Covers Valuation Officer references, capital-loss set-off and carry-forward, liquidation distributions, and buyback taxation.
- Depreciable Assets: Covers block-of-assets provisions, Section 50, Section 50A, Section 50AA, goodwill amendments, and relevant judicial rulings.
- Slump Sale: Covers Section 50B, definition, net worth computation, negative net worth, FMV requirements, and relevant case law.
- Intangibles, Charitable Trusts and Real Estate: Covers goodwill, trademarks, copyrights, know-how, charitable trust capital gains, JDAs, flat exchanges, power-of-attorney sales, and stamp-duty valuation issues.
- Other Important Case Laws: Current judicial decisions up to March 2026 covering multiple capital gains provisions and procedural issues.
Book Structure
- Table of Corresponding Sections: Mapping of provisions under the Income-tax Act 1961 and Income-tax Act 2025.
- Statutory Analysis: Section-by-section interpretation with legislative history wherever relevant.
- Judicial Pronouncements: Detailed case-law analysis integrated into the relevant chapters.
- Illustrations: Worked numerical examples demonstrating practical computation.
- Author's Views: Clearly identified commentary on contested and evolving interpretational questions.
The book is organised into 34 thematically grouped chapters, following a logical progression from charging provisions and definitions through transfer concepts, computation, exemptions, tax rates, losses, and specialist asset classes.
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