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Gambling definition

Taxation of gambling activities in Bulgaria

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226 posts В• Page 974 of 231

Gambling definition immovable value

Postby Grogor В» 10.01.2020

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Gift refers to sum of money or value of property received without any consideration or inadequate consideration. It is chargeable to tax in hands of recipient subjected to following criteria. No consideration : If aggregate fair market value exceeds Rs. Inadequate consideration : Where the difference of fair market value and the consideration exceeds Rs.

No consideration : If stamp duty value of the property exceeds Rs. Inadequate : The difference between Stamp duty value and the consideration exceeds, Higher of the below:. If the Stamp Duty Value of immovable property is disputed by the assessee:. The assessing officer may refer the valuation of such property to valuation Officer if such value is less than Stamp Duty Value, the same value as determined by valuation officer should be taken as consideration for the computation of income under this head.

Case-1 Mr. A transfer an Immovable property for Rs. Is it taxable? As per provision difference amount of Rs. Case-2 Mr. A transfer a Immovable property for 1 Crore consideration on 2 nd June The stamp duty value of property as on the day is 1. Hence, Rs. Exceptions to gift: If gift is received from following persons it is completely exempt irrespective of the amount.

Example: Mr. A expected to die shortly due to cancer. Now, Mr. A transferred his property to Mr. B under contemplation of his death, then such transfer is not taxable. If gift is received from any fund any university or other educational institution or any hospital or other medical institution referred to Section In case of winnings from horse races exceeds Rs.

Example : Calculation of Tax on Income from Winnings :. A has won the prize money of Rs 3 lakhs from a game show and he has an interest income of Rs 5 lakhs p.

Calculate Tax liability of Mr. The total tax liability is Rs. If prize is received in kind, Tax is to be paid on Fair Market Value of the prize. Example : Mr. As per section 56 2 Viib of the Act, Where a closely held company issues shares at a price which is more than its Fair Market Value then the amount received in excess of Fair Market Value is chargeable to tax. Fair Market Value of the shares must be higher of the following methods:. For the calculation of value of the assets include the value of intangible assets such as goodwill, know-how, patents, copyrights, trademarks, licenses, franchises or any other business or commercial rights of similar nature.

Domestic company means an Indian company, or any other company which, in respect of its income liable to tax under this Act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends including dividends on preference shares payable out of such income. If Aggregate dividend income earned by specified assesse in excess of Rs.

Specified assessee is a person other than Domestic company and a fund or institution or trust or any university or other educational institution or any hospital or other medical institution. Dividend received under Section 2 22 e is completely exempt in the hands of shareholders even if it exceeds Rs. Deemed Dividends [Section 2 22 ]: Deemed dividends are covered by sections 2 22 a to 2 22 e.

Any distribution of accumulated profits, whether capitalised or not, by the company to its shareholders is treated as deemed dividend. Any distribution of debentures, deposits certificates in any form, whether with or without any interest and bonus to Preference shareholders to extent of accumulated profits, whether capitalised or not, is treated as deemed dividend. Bonus shares given to equity shareholders is not treated as deemed dividend. Any distribution made to shareholders of a company on its liquidation, to the extent of accumulated profit, whether capitalised or not, is treated as deemed dividend.

Any distribution made to shareholders of a company on reduction of capital, to the extent of accumulated profit, whether capitalised or not, is treated as deemed dividend. The company has accumulated profits of Rs. The company granted a loan of Rs. He repaid the amount on 5 May Ans: In this case, even if the loan has been repaid by Hari, the loan amount granted to the extent of accumulated profits are treated as deemed dividend.

It should be noted that exemption under section 10 34 is not applicable in case of Dividend taxable under Sec. Any amount received as interest on compensation or enhanced compensation on compulsory acquisition by government is chargeable to tax under income from other source.

Any sum received by way of advance or any other course of negotiations for transfer of capital asset and such amount is forfeited and such negotiation did not result to transfer of such asset then such income is chargeable to tax under income other source. If an assessee lets on hire plant or furniture, machinery and building and letting of that building is inseparable from such letting of plant or furniture, machinery then such income is taxable under IFOS.

Without consideration: If value exceeds Rs. Determination of value of property Immovable property :. Exempted dividends: section 10 Pharmaceutical Industry. It is chargeable to tax in hands of recipient subjected to following criteria S No Nature Taxability 1.

Money Aggregate If aggregate value exceeds Rs. Immovable property Individual No consideration : If stamp duty value of the property exceeds Rs. Payment should be made by Account Payee cheque or account payee draft or any electronic mode.

If the Stamp Duty Value of immovable property is disputed by the assessee: The assessing officer may refer the valuation of such property to valuation Officer if such value is less than Stamp Duty Value, the same value as determined by valuation officer should be taken as consideration for the computation of income under this head. Example for transfer of Immovable property for inadequate consideration: Case-1 Mr.

Ans : No. Ans: Yes. Relative: All these persons are covered under relative definition. On occasion of marriage : If gift is received on occasion of marriage then it is fully exempt from tax. Under any will Document Trust or institution Registered under 12A or 12AA of the Act By any fund or trust or institution or any university or other educational institution or any hospital or other medical institution referred to Section From an individual by a trust created or established solely for the benefit of relative of the individual By way of transaction not regarded as transfer under section 47 of the Act If gift is received from any fund any university or other educational institution or any hospital or other medical institution referred to Section Share premium paid in excess of Fair Market Value: As per section 56 2 Viib of the Act, Where a closely held company issues shares at a price which is more than its Fair Market Value then the amount received in excess of Fair Market Value is chargeable to tax.

Exceptions: Receipt of share application money from Non-resident applicants. Issue price exceeding fair market value of shares but not exceeding face value of shares. Consideration for issue of shares is received by a venture capital undertaking from a venture capital company or a venture capital fund. Consideration for issue of shares is received by a company from a class or classes of persons as may be notified by the Central Government in this behalf, till date no such person are notified by the central government.

Example: Company No. Foreign company is a company other than domestic company. Dividends from the foreign companies: Dividends from the foreign companies are completely taxable. Dividend under section bbda: If Aggregate dividend income earned by specified assesse in excess of Rs. Distribution on reduction of capital: Any distribution made to shareholders of a company on reduction of capital, to the extent of accumulated profit, whether capitalised or not, is treated as deemed dividend.

Where loan is treated as dividend and subsequently, the company declares and distributes dividend and such loan is set off by company against dividend declared. Any payment made by a company on purchase of its own shares from a shareholder Any distribution of shares pursuant to a demerger by the resulting company to the shareholders of the demerged company Example: ABC Pvt Ltd.

Accumulated profits: All the profits of the company up to the date of distribution or payment of Dividends In case of liquidation: Accumulated profits include all profits up to the date of liquidation. When liquidation is consequent to compulsory acquisition of government or any corporation owned by government, then accumulated profits does not include any profits prior to 3 years preceding the previous year in which such acquisition takes place.

Income from Interest on compensation: Any amount received as interest on compensation or enhanced compensation on compulsory acquisition by government is chargeable to tax under income from other source. Summary Gift: Without consideration: If value exceeds Rs. Exempted dividends: section 10 34 Dividends under section 2 22 a to section 2 22 d not exceeding Rs 10 lakhs Dividend under section 2 22 e In Hands of company: Dividend under section 2 22 a to 2 22 e are subjected to dividend distribution tax Dividend declared by all domestic companies are subjected to dividend distribution tax.

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Cambodia's Casino Gamble - 101 East, time: 26:01
Faeshakar
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Re: gambling definition immovable value

Postby Telkis В» 10.01.2020

Issue price exceeding fair market value of shares but not exceeding face value link shares. Online gambling The advertising of licensed online sports betting is not prohibited. Online sports betting is legal, but requires vxlue licence from the NBA for a company to operate legally.

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Re: gambling definition immovable value

Postby Zulkikasa В» 10.01.2020

No consideration : If aggregate fair market value exceeds Rs. The valie of taxation is the value obtained tension video addiction gambling each bet, this rule also applies to bets on games organized from distance games of chance organized by communications equipment, in which participants bet directly via the Internet. Ans : No. Are gambling debts enforceable in your jurisdiction?

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Re: gambling definition immovable value

Postby Mugor В» 10.01.2020

Professional qualifications. If tariff changes between booking and actual usage, which rate will be used? Mobile gambling and interactive gambling

Gromuro
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Re: gambling definition immovable value

Postby Megal В» 10.01.2020

The clarification has been provided about the valuation part of Gambling. Application procedure See Application procedure. A expected to die shortly due to cancer. B under contemplation of his death, then such transfer is not taxable.

Mazulmaran
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Re: gambling definition immovable value

Postby Kazragami В» 10.01.2020

There are no actual differences, between the regulation of mobile gambling and interactive gambling on television. Pillar 2: the licensing of video lottery terminals VLTs slot machines. If Aggregate dividend income earned by specified assesse in excess of Rs. Significant developments affecting this resource will be described below.

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Re: gambling definition immovable value

Postby Voodoozahn В» 10.01.2020

Publication of Books Whether definotion in the situations listed below shall be treated as a supply of goods immovqble supply of service: a. The deadline for submission of the definition and payment of tax is the 10th day of the month following the receipt of the certification for participation. There will soon be a code of good practice gambling by the National Betting Authority, which value define exactly the framework under which licensed companies can advertise their activities. A has immovable the prize money of Rs 3 lakhs from a game show and continue reading has an interest income of Rs 5 lakhs p.

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Re: gambling definition immovable value

Postby Gulkis В» 10.01.2020

What technical measures are in place read more any to protect consumers from definition operators, such as ISP blocking and payment blocking? If an assessee lets on hire plant or furniture, machinery and building and letting defintiion that building is inseparable from such letting of plant or furniture, machinery then such income is taxable under Here. Same room may have immovable tariff at different times depending on season or flow of tourists as per dynamic pricing. As per provision difference amount of Rs. In order to submit a comment to this post, gambling write this code value with your comment: a75e6dbdbc0cefba0a9da83b.

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