Pre-Budget wish list 2017-18

A snapshot of changes in tax laws and rules that Institute of Chartered Accountants of India

Go swadeshi to enjoy benefits of long-term capital gains
 
In a bid to promote the scheme of “Make in India”, ICAI has suggested that deductions/exemptions under sections 54, 54F, 24(b), 80EE, etc – that help save tax on long-term capital gains – should be made available only if the new house property is constructed/repaired out of indigenous material.
 
“The benefit of deduction may not be provided if the material has been imported from other countries,” said the memorandum to government.
 
Define ‘yoga’ to prevent misuse of tax breaks
 
The definition of “charitable purpose” under section 2(15)