Capital Assets - Law Dictionary Search Results
Home Dictionary Name: capital assets Page 1 of about 34 results (0.003 seconds)Capital asset
Capital asset, The expression 'capital asset: is defined in S. 2(14) of the Income-tax Act, 1961 to mean 'property of any kind held by an assessee'. It is of the widest amplitude, and apparently covers all kinds of property except the property expressly excluded by clause (i) to (iv) of the sub-s. which, it will be seen, does not include goodwill. But the definitions in S. 2 are subject to an overall restrictive clause, CIT v. B.C. Srinivasa Setty, (1981) 2 SCC 460 (463): (1981) 2 SCR 938: AIR 1981 SC 972.Includes capital asset as property of any kind held by the assesse, A.R. Krishna Murthy v. CIT, (1989) 1 SCC 754: AIR 1989 SC 1055 (1057). (Income Tax Act, 1961, s. 214)...
Distribution of capital assets
Distribution of capital assets, the expression 'distribution capital assets' in the third proviso to sub-s. (1) of, s. 12B of the Act, means distribution in specie and not distribution of sale proceeds, James Indersan v. C.I.T., AIR 1960 SC 751 (755): (1960) 3 SCR 167. [Income-tax Act, 1922, s. (12B)(i), Third Proviso]...
capital asset
capital asset see asset ...
Capital assets
Capital assets, do not include lands from which the income derived is agricultural income, First ITO, Salem v. Short Brothers (p.) Ltd., (1966) 3 SCR 84: AIR 1967 SC 81 (85). [Income Tax Act (10 of 1922)]...
gain
gain 1 : an increase in value, capital, or amount compare loss capital gain : a gain realized on the sale or exchange of a capital asset (as a stock or real estate) ca·su·al·ty gain : a gain realized by an insured because property insurance benefits paid for a loss from a casualty or theft are greater than the adjusted value of the insured asset long-term capital gain : a capital gain realized on the sale or exchange of an asset held for more than a specified period (as a year) ordinary gain : a gain from the exchange or sale of an asset that is not capital short-term capital gain : a capital gain realized on the sale or exchange of an asset held for less than a specified period (as a year) that is treated as ordinary income under federal income tax laws 2 pl in the civil law of Louisiana : a class of community property that reflects the increase in property value contributed by the common skill or labor of the spouses gain vb ...
asset
asset [back-formation from assets, singular, sufficient property to pay debts and legacies, from Anglo-French asetz, from Old French asez enough] 1 : the entire property of a person, business organization, or estate that is subject to the payment of debts used in pl. compare equity 2 : an item of property owned admitted asset : an asset allowed by law to be included in determining the financial condition of an insurance company compare nonadmitted asset in this entry appointive asset : an asset in an estate that is to be distributed under a power of appointment capital asset : a tangible or intangible long-term asset esp. that is not regularly bought or sold as part of the owner's business ;specif : any asset classified as a capital asset by law (as section 1221 of the Internal Revenue Code) cur·rent asset : a short-term asset (as inventory, an account receivable, or a note) that can be quickly converted into cash equitable asset : an asset esp. in an estate that is sub...
Goods
Goods, Computer programs are the product of an intellectual process, but once implanted in a medium they are widely distributed to computer owners. An analogy can be drawn to a compact-disc recording of an orchestral rendition. The music is produced by the artistry of musicians and in itself is not a 'good', but when transferred to a laser-readable disc it becomes a readily merchant-able commodity. Similarly, when a professor deliv-ers a lecture, it is not a good, but, when transcribed as a book, it becomes a good. That a computer program may be copyrightable as intellectual property does not alter the fact that once in the form of a floppy disc or other medium, the program is tangible, moveable and available in the marketplace. The fact that some programs may be tailored for specific purposes need not alter their status as 'goods' because the Code definition includes 'specially manufactured goods', Advent Systems Ltd. v. Unisys Corpn., 925 F. 2d 670 3dCir 1991. Associated Cement Compa...
loss
loss 1 : physical, emotional, or esp. economic harm or damage sustained: as a : decrease in value, capital, or amount compare gain b : an amount by which the cost of something (as goods or services) exceeds the selling price compare profit c : something unintentionally destroyed or placed beyond recovery d : the amount of an insured's financial detriment due to the occurrence of a stipulated event (as death, injury, destruction, or damage) in such a manner as to create liability in the insurer under the terms of the policy NOTE: As a general rule, economic losses are deductible from adjusted gross income under section 165 of the Internal Revenue Code. There are, however, numerous exceptions and limitations. actual loss : the identifiable and calculable monetary detriment that is suffered or will be suffered as a result of an act or event actual total loss : a loss in marine insurance in which the property (as a vessel or cargo) cannot be repaired or recovered compare constru...
Capital gains
Capital gains, capital gains would be covered by the definition of 'income' in sub-s. (6C) of s. 2, only if they were chargeable under s. 12B. As noticed already, s. 12B as modified by the Finance Act 1949, did not charge any 'capital gains' arising between April 1, 1948, and April 1, 1957. Indeed s. 12B was not operative in these years (1948-57). During this period, 'capital gains', whether on the positive or the negative side, could not be computed and charged under s. 12B or any other provisions of the Act, Commissioner of Income-Tax (Central), Delhi v. Harprasad & Co. (P.) Ltd., (1975) 3 SCR 696: AIR 1975 SC 1282: (1975) 3 SCC 868.The goodwill generated in a newly commenced business cannot be described as an 'asset' within the terms of s. 45, and therefore its transfer is not subject to income tax under the head 'Capital gains', CIT, Bangalore v. B.C. Srinivasa Setty (1981) 2 SCR 938: (1981) 2 SCC 460: AIR 1981 SC 972.The profit realised when a capital asset is sold or exchanged, B...
Net wealth tax
Net wealth tax, readings on Taxation in Developing, Countries by Fird and Oldman elucidates the concept of Wealth Tax as follows, at page 281: 'The term 'net wealth tax' is therefore deemed to be imposed on the person of the taxpayer, while the property tax often deemed to be imposed on an object - the property itself.' In Harvard Law School World Tax Series - Taxation in Columbia Net Wealth Tax is defined at page 451 thus: 'As a general rule, all debts owed by a tax-payers, whether to residents or to non-residents, are deductible if their existence is established in conformity with the legal requirements. The usual test of deductibility, as applied by the Division of National Taxes, is whether or not there is an actual, enforceable legal obligation the amount of which is fixed or computable as on December 31, of the tax year.' According to Harvard Law School World Tax Series - Taxation in Sweden - this tax has been levied in Sweden since a long time. Now it is regulated by law enacted...
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