Program on Understanding Capital Gains under Income Tax held
Hyderabad: 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 Nirmala Sitharaman, Union Finance Minister, in the Union Budget 2024-25.
Giving his opening remarks Suresh Kumar Singhal, President of FTCCI said, the Union Finance Minister 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, and so on.
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 and so on.
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 Ritesh Mittal, Chartered Accountant, Senior Partner, Messrs Sanjay Kumar Kothari & Co, Chartered Accountants. The panelists were Mohan Kumar R, IRS, Addl. Commissioner of Income Tax (Retd); Rajendra Prasad T, Chartered Accountant, Founder-Member of TRP & Co and Samba Murthy P, Chartered Accountant, Proprietor, P Samba Murthy. VS Sudhir, Chairman, Direct Taxes Committee of FTCCI also spoke.
Krishna Kumar Maheshwari, Vice President, Meela Jayadev, Immediate Past President of FTCCI and 50 other participants participated in the program.
