A Program on Understanding Capital Gains under Income Tax and a panel discussion on its latest changes and challenges was held at The Federation of Telangana Chambers of Commerce and Industry (FTCCI) on Wednesday evening at Red Hills
The program was planned to discuss the latest changes in Taxation of Capital Gains presented by Smt. Nirmala Sitharaman, Hon'ble Finance Minister, Government of India in the Union Budget 2024-25.
Giving his opening remarks Suresh Kumar Singhal, President of FTCCI said, the Union Finance Minister, Government of India presented the Union Budget for the Financial Year 2024-25 introducing many changes and amendments in the Finance Bill especially in Capital Gains. Subsequently, with hue and cry made by various sections of people, amendments were introduced related to the Computation of Capital Gains and indexation benefits, etc.
There is confusion among Stakeholders who mainly deal in the Purchase or Sale of Land, House Property, Shares, Mutual Funds, etc. So, this program is organized to provide Clarification and the latest information and also to explain in detail the Capital Assets and the Computation of Capital Gains on the latest changes and amendments, he said.
The Program also discussed the Definition of Capital Asset, Types of Capital Assets (viz., House Property, Land, Shares, Mutual Funds, etc.) and their implications on Purchase / Sale, short-term vs. long-term, the applicability of indexation benefits, exemptions available under Capital Gains Head including guidelines for availing exemptions, Capital Gain Computations, etc.
The participants in the Technical Session were Samba Murthy P, Chartered Accountant and proprietor, P Samba Murthy & Co., Chairman of the Session and Sri Rajendra Prasad T, Chartered Accountant, Founder Member of TRP & Co. Was the speaker.
The panel discussion was moderated by Sri Ritesh Mittal, Chartered Accountant, Senior Partner, M/s. Sanjay Kumar Kothari and Co, Chartered Accountants. The panelists were Sri Mohan Kumar R, IRS, Addl. Commissioner of Income Tax (Retd); Sri Rajendra Prasad T, Chartered Accountant, Founder Member of TRP & Co and Sri Samba Murthy P, Chartered Accountant, Proprietor, P Samba Murthy
Speaking on the occasion VS Sudhir, Chairman, Direct Taxes Committee of FTCCI said after changes in the budget were announced, it is important to know how to compute Capital Gains. There are a lot of questions and confusion, so
Samba Murthy P said the government consistently tries to simplify taxation, improve taxpayer services, and reduce litigation. In the process of simplification, the laws are made more complex. As a result of these changes being made in the name simplifications, the Chartered Accountants have been learning these changes continuously.
Rajender Prasad T explained major changes made in the law and explained their impact. He explained six major amendments.
Krishna Kumar Maheshwari, Vice President, Meela Jayadev, Immediate Past President of FTCCI and 50 other participants participated in the program.
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