section 54

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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Reduce 3 Year limit under section 54, 54B, 54D and 54F to 2 Years

Income Tax - Section 2(42A) - Reduction in holding period in case of immovable property, being land or building or both, to qualify as long term capital asset - Consequential amendments to be made in sections 54, 54B, 54D and 54F...

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All about Section 54, 54B, 54D, 54g, 54GA, 54EC, 54G & 54GB

Income Tax - Article Explains all about Section 54, Section 54B, Section 54D, Section 54G/ 54GA in case of shifting to SEZ, Section 54EC, Section 54F and Section 54GB...

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Govt wants you to own a house-see income tax benefits extended

Income Tax - The government wants you to own a house and the same becomes evident from the various tax benefits allowed under the income tax laws to the persons who own a house. Let us understand the various beneficial tax provisions which prove that the government wants you to own a house....

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Brief Synopsis of Capital Gain Exemption u/s 54, 54EC & 54F

Income Tax - We are here to understand the benefits that can be claimed under section 54, 54EC & 54F to save tax on long term capital gains. At the time of sale of any Long term Capital Asset, the gain is taxed at a steep rate of flat 20%. In order to save up on those taxes, the act has given us an option of claiming exemptions from paying such Capita...

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Clarify Section 54 and 54F – Capital gains exemption in case of investment in ONE residential house property in INDIA: ICAI

Income Tax - Section 54(1) has been amended by the Finance (No.2) Act, 2014 by substituting constructed, a residential house, with constructed, one residential house in India. Similar amendment is made in section 54F(1)....

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ICAI suggests Certification of deductions claimed U/s. 54, 54F, 54EC etc

Income Tax - At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be ruled out....

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Exemption u/s 54 not to be denied due to delay in completion of project beyond control of assessee

Income Tax - With difficulties being faced by the Real Estate Sector business (due to delay in clearances, nonavailability of finance and a sluggish demand) numerous projects are delayed in execution. As a result, an assessee who has sold a house and invested in another flat which is under construction by a builder /developer ...

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Acquisition of flat in under construction building should be considered as Construction and not Purchase

Mustansir I Tehsildar Vs. ITO (ITAT Mumbai) - Booking of flat in an apartment under construction must also be viewed as a method of constructing residential tenements. Commencement of construction is not relevant for the purpose of sec. 54 and it is only the completion of construction....

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Deduction U/s. 54 can be claimed for House purchased in wife’s name

Shri Radhey Shyam Arora Vs. Income Tax Officer (ITAT Jaipur) - When the entire investment for the purchase of new house has gone through the assessee's account then benefit u/s 54 of Income Tax Act cannot be denied on the ground the new house was purchased in the name of wife. Hence, the claim of the assessee u/s 54 of the Income Tax Act is allowed....

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Sec. 54 Utilization of capital gains in purchase of residential house sufficient to claim

CIT & Anr. Vs. Shkuntla Devi (Karnataka High Court) - Utilization of capital gains in construction /Purchase of residential house would suffice to claim the benefit of section 54 of the Act irrespective of the fact that transaction not being complete in all respects. ...

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Allowability of Investment in new asset after furnishing of return U/s. 54

Anita Ajay Shad Vs ITO (ITAT Ahemdabad) - Anita Ajay Shad Vs ITO (ITAT Ahemdabad) When an assessee furnishes return subsequent to due date of filing return under section 139(1) but within the extended time limit under section 139(4), the benefit of investment made upto the date of furnishing return of income under 139(4) cannot be denied on...

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Even if a residential house consists of several independent units- Deduction U/s. 54 / 54F can be claimed

V.V.V. Satyanarayana Vs. Income Tax Officer (ITAT Hyderabad) - It was held that exemption under Section 54 only requires that the property should be of residential nature and the fact that the residential house consists of several independent units cannot be an impediment to grant relief under Section 54 even if such independent units were on different floors....

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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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section 54’s Popular Posts

Recent Posts in "section 54"

Clarify Section 54 and 54F – Capital gains exemption in case of investment in ONE residential house property in INDIA: ICAI

Section 54(1) has been amended by the Finance (No.2) Act, 2014 by substituting constructed, a residential house, with constructed, one residential house in India. Similar amendment is made in section 54F(1)....

Read More
Posted Under: Income Tax |

ICAI suggests Certification of deductions claimed U/s. 54, 54F, 54EC etc

At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be ruled out....

Read More
Posted Under: Income Tax |

Exemption u/s 54 not to be denied due to delay in completion of project beyond control of assessee

With difficulties being faced by the Real Estate Sector business (due to delay in clearances, nonavailability of finance and a sluggish demand) numerous projects are delayed in execution. As a result, an assessee who has sold a house and invested in another flat which is under construction by a builder /developer ...

Read More
Posted Under: Income Tax |

Acquisition of flat in under construction building should be considered as Construction and not Purchase

Mustansir I Tehsildar Vs. ITO (ITAT Mumbai)

Booking of flat in an apartment under construction must also be viewed as a method of constructing residential tenements. Commencement of construction is not relevant for the purpose of sec. 54 and it is only the completion of construction....

Read More

Deduction U/s. 54 can be claimed for House purchased in wife’s name

Shri Radhey Shyam Arora Vs. Income Tax Officer (ITAT Jaipur)

When the entire investment for the purchase of new house has gone through the assessee's account then benefit u/s 54 of Income Tax Act cannot be denied on the ground the new house was purchased in the name of wife. Hence, the claim of the assessee u/s 54 of the Income Tax Act is allowed....

Read More

Sec. 54 Utilization of capital gains in purchase of residential house sufficient to claim

CIT & Anr. Vs. Shkuntla Devi (Karnataka High Court)

Utilization of capital gains in construction /Purchase of residential house would suffice to claim the benefit of section 54 of the Act irrespective of the fact that transaction not being complete in all respects. ...

Read More

Allowability of Investment in new asset after furnishing of return U/s. 54

Anita Ajay Shad Vs ITO (ITAT Ahemdabad)

Anita Ajay Shad Vs ITO (ITAT Ahemdabad) When an assessee furnishes return subsequent to due date of filing return under section 139(1) but within the extended time limit under section 139(4), the benefit of investment made upto the date of furnishing return of income under 139(4) cannot be denied on such beneficial construction of section...

Read More

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
Posted Under: Income Tax | ,

Even if a residential house consists of several independent units- Deduction U/s. 54 / 54F can be claimed

V.V.V. Satyanarayana Vs. Income Tax Officer (ITAT Hyderabad)

It was held that exemption under Section 54 only requires that the property should be of residential nature and the fact that the residential house consists of several independent units cannot be an impediment to grant relief under Section 54 even if such independent units were on different floors....

Read More

Section 54/54F exemption not available if house purchased is not for residence of the Assessee

Shri Arunkumar Nathan Vs Asst. Commissioner of Income Tax (ITAT Bangalore)

In the case of more than one properties are purchased by the assessee, the option is available with the assessee to claim benefit under Section 54 in respect of the residential house purchased for the assessee's own residence....

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