Income Tax : CA Gaurav Pahuja Background While the issue regarding the deduction of employer’s contribution made after due date, in funds set...
Income Tax : Section 54F of I.T. Act, 1961 aims to provide for the 100% exemption to an individual or HUF from the chargeability of Long Term C...
Income Tax : In this article, the author has enlightened the nature of expenses incurred for erection and commissioning of lift with regard to ...
CA Gaurav Pahuja Background While the issue regarding the deduction of employer’s contribution made after due date, in funds set up for welfare of employees is well settled now, the practice of disallowing the claim of the assessee employer on account of delayed deposit of employee’s contribution is continued by the Income Tax Department since […]
Section 54F of I.T. Act, 1961 aims to provide for the 100% exemption to an individual or HUF from the chargeability of Long Term Capital Gain (LTCG) that arises from the transfer of a capital asset other than a residential house (residential house being already covered u/s 54) where the assessee invests the entire amount of net consideration in a residential house within the prescribed time limit subject to the fulfillment of other conditions mentioned in the said section and also for a proportionate exemption where entire amount of net consideration is not invested but only a portion of it is utilized for the acquisition/ construction of a residential house.
In this article, the author has enlightened the nature of expenses incurred for erection and commissioning of lift with regard to the purview of the expression works contract in accordance with the provisions of Andhra Pradesh General Sales Tax Act, 1957 & u/s 194C of the Income Tax Act, 1961 and the treatment of excess amount of refund paid by the builder to the buyers of flats, in case no allotment of flat is made by the builder to such buyers,
