Regular receipt of money from a specified source is chargeable to tax as income. Thus occasional capital receipt whether would obtain the character of income was debated long ago and the income-tax law of most of the countries now provide for taxation of income on transfer of capital asset technically known as “capital gain”.Regular receipt of money from a specified source is chargeable to tax as income. Thus occasional capital receipt whether would obtain the character of income was debated long ago and the income-tax law of most of the countries now provide for taxation of income on transfer of capital asset technically known as “capital gain”.taxmann.com Latest ArticlesRead More
