section 54

Section 54 & 54F of Income Tax Act-Capital Gains Exemption

Income Tax - Hello readers, Today I will discuss Section 54 & section 54F exemptions in simplified manner as Income tax due dates approaching – Section 54 & section 54F of Income tax Act –deals with exemption from tax on LTCG only if used for purchase or construction of a house with in specified limits. There are similarities […...

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Commentary on section 54 of the Income-tax Act, 1961

Income Tax - Object of section 54 of the Income-tax Act, 1961 Object of section 54 is to give relief to individual or HUF who makes profit/gain on transfer of residential house and once again invest (whether purchase or construct) such capital gain amount in another residential house. Think of situation where one person has sold his old […]...

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Section 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax

Income Tax - Article deals with Exemption from Long Term Capital Gain Tax under Section 54, 54EC, 54F of Income Tax Act, 1961. Article explains on Sale / Purchase of which Asset under which section exemption is eligible, condition for such exemption, Quantum of Deduction and Exceptions to Exemption under Section 54, 54EC, 54F of Income Tax Act, [&hell...

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How to Save Tax after Sale or Transfer of Residential House Property?

Income Tax - This question come in the minds of many how to save tax when we sale or transfer residential house property and then invest those amount to buy any other asset. Income tax provides tax exemptions to individual or HUF who sold his old house and from the sale proceeds he purchased another house. Under Section […]...

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Section 54- Exemption from Capital Gain arising on Transfer of House

Income Tax - A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income by sale of old house but to acquire another suitable house....

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Representation to FM on Concerns of Chartered Accountants

Income Tax - We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry....

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Request to extend time limits under section 54 to 54GB

Income Tax - KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act, 1961 (the Act). It is requested that various due dates for compliance and completion of specified actions under sections 54 to 54GB of the Act which falls between 20.03.2020 to 30.03.2021 (as against […...

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Request for extension of due dates of Tax Audit Reports/ITR

Income Tax - All India Federation of Tax Practitioners (CZ) has requested CBDT that due date of filing return of income u/s 139(1) for all the assesses be suitably extended, to 28.02.2021,from the current extended due date of 31.12.2020 for AY 2020-21. Simultaneously, the ‘specified date’ for filing tax audit reports be extended from 31.12...

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ICAI requests for extension of various Income-tax due dates

Income Tax - Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit Reports and related returns including Income Tax Return Forms for AY 2020-21 to Chairman, Central Board of Taxes.  Full text of the Representation is as follows:- Request(s) for extension of various due dates u...

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Section 54 Capital Gain Exemption on investment in two residential houses proposed

Income Tax - While presenting interim Budget 2019-20 Finance Minister proposed to increase the benefit of rollover of capital gains under Section 54 of the Income Tax Act from investment in one residential house to two residential houses for a taxpayer having capital gains up to Rs. 2 crore. This benefit can be availed once in a life […]...

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Section 54 deduction available even on amount invested in excess of share in property

ITO Vs Rachna Arora (ITAT Chandigarh) - ITO Vs Rachna Arora (ITAT Chandigarh) Solitary issue in the present appeal pertained to claim of exemption u/s 54 of the Act of Long Term Capital Gains earned by the assessee being invested in another property. The shares of three co-owners namely the assessee, her son in law and her daughter in the...

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Section 54 exemption cannot be claimed on the basis of non-genuine agreement

Jayaseelan Vs ITO (ITAT Chennai) - Jayaseelan Vs ITO (ITAT Chennai) Shri Jayaseelan (the Appellant) has filed the current appeal being aggrieved against the order dated March 5, 2018 passed by the ld. Commissioner of Income Tax (Appeals) (the CIT(A)) for the assessment year 2014-15 wherein  the claim of the Appellant claiming benefi...

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Independent Building with multiple Residential Units Eligible For Section 54F Exemption

Sri Ramaiah Harish Vs ITO (ITAT Bangalore) - Ramaiah Harish Vs ITO (ITAT Bangalore) It was held that an independent building can have a number of residential units and it will not lose the character of one residential house....

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Tax Payable on capital gain account amount Not utilized within Statutory Period

Avtar Krishen Jalla Vs ITO (ITAT Delhi) - Avtar Krishen Jalla Vs ITO (ITAT Delhi) As per the provisions of Section 54, the assessee has to utilize the amount deposited in the capital gain account for the purpose of purchase or construction of the new asset within the specified time for availing the benefit of capital gain. Here the assessee...

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Section 54 deduction eligible on Expense to Make House Habitable

Sudeep Chandra Vs ITO (ITAT Hyderabad) - Sudeep Chandra Vs ITO (ITAT Hyderabad) Cost of acquisition is the price paid by the assessee for the purchase of the house and also the expenditure towards the repairs made by him to make the house habitable and no other expenditure is to be allowed u/s 54 of the Act. As regards the details of [&hel...

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Govt Extends due dates under Income Tax Law & Benami laws

Notification No. 35/202-Income Tax [S.O. 2033(E)] and Press Release ID: 1634070 - (24/06/2020) - Vide Income Tax Notification No. 35/2020 dated 24.06.2020  govt extends  Due date for ITR for FY 2018-19  upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 ...

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Amendments to Capital Gains Accounts Scheme, 2012

Notification No. 44/2012-Income Tax - (25/10/2015) - Notification No. 44/2012-Income Tax In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of section 54B sub-section (2) of section 54D sub-section (4) of section 54F sub-section (2) of section 54G and sub-section (2) of section 54GB of the Income-tax Act, 1961 (43 of...

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Recent Posts in "section 54"

Section 54 & 54F of Income Tax Act-Capital Gains Exemption

Hello readers, Today I will discuss Section 54 & section 54F exemptions in simplified manner as Income tax due dates approaching – Section 54 & section 54F of Income tax Act –deals with exemption from tax on LTCG only if used for purchase or construction of a house with in specified limits. There are similarities […...

Read More
Posted Under: Income Tax |

Section 54 deduction available even on amount invested in excess of share in property

ITO Vs Rachna Arora (ITAT Chandigarh)

ITO Vs Rachna Arora (ITAT Chandigarh) Solitary issue in the present appeal pertained to claim of exemption u/s 54 of the Act of Long Term Capital Gains earned by the assessee being invested in another property. The shares of three co-owners namely the assessee, her son in law and her daughter in the purchased property […]...

Read More

Commentary on section 54 of the Income-tax Act, 1961

Object of section 54 of the Income-tax Act, 1961 Object of section 54 is to give relief to individual or HUF who makes profit/gain on transfer of residential house and once again invest (whether purchase or construct) such capital gain amount in another residential house. Think of situation where one person has sold his old […]...

Read More
Posted Under: Income Tax |

Section 54 exemption cannot be claimed on the basis of non-genuine agreement

Jayaseelan Vs ITO (ITAT Chennai)

Jayaseelan Vs ITO (ITAT Chennai) Shri Jayaseelan (the Appellant) has filed the current appeal being aggrieved against the order dated March 5, 2018 passed by the ld. Commissioner of Income Tax (Appeals) (the CIT(A)) for the assessment year 2014-15 wherein  the claim of the Appellant claiming benefit under section 54 of the Income Tax Act...

Read More

Independent Building with multiple Residential Units Eligible For Section 54F Exemption

Sri Ramaiah Harish Vs ITO (ITAT Bangalore)

Ramaiah Harish Vs ITO (ITAT Bangalore) It was held that an independent building can have a number of residential units and it will not lose the character of one residential house....

Read More

Section 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax

Article deals with Exemption from Long Term Capital Gain Tax under Section 54, 54EC, 54F of Income Tax Act, 1961. Article explains on Sale / Purchase of which Asset under which section exemption is eligible, condition for such exemption, Quantum of Deduction and Exceptions to Exemption under Section 54, 54EC, 54F of Income Tax Act, [&hell...

Read More
Posted Under: Income Tax |

Tax Payable on capital gain account amount Not utilized within Statutory Period

Avtar Krishen Jalla Vs ITO (ITAT Delhi)

Avtar Krishen Jalla Vs ITO (ITAT Delhi) As per the provisions of Section 54, the assessee has to utilize the amount deposited in the capital gain account for the purpose of purchase or construction of the new asset within the specified time for availing the benefit of capital gain. Here the assessee has made payments […]...

Read More

How to Save Tax after Sale or Transfer of Residential House Property?

This question come in the minds of many how to save tax when we sale or transfer residential house property and then invest those amount to buy any other asset. Income tax provides tax exemptions to individual or HUF who sold his old house and from the sale proceeds he purchased another house. Under Section […]...

Read More
Posted Under: Income Tax |

Section 54- Exemption from Capital Gain arising on Transfer of House

A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income by sale of old house but to acquire another suitable house....

Read More

Date of Sale for of Claiming Exemption under Section 54

DATE WHICH IS RELEVENT FOR THE PURPOSE OF CLAIMING EXEMPTION UNDER SECTION 54 OF INCOME TAX ACT 1961 For claiming Exemption under section 54 of Income Tax Act 1961 following conditions are required to be fulfilled: 1. The assessee has sold a residential house property. 2. He has purchased another house property before one year […]...

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Posted Under: Income Tax |

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