Income Tax - How many house you can own and what are the tax implications of owning more than one house? People frequently ask me as to how many house one can buy and own at a time in own name. The answer is as many as you want and can afford. So there are no restrictions under […]...
Read MoreIncome Tax - Section 54 of the Income Tax Act Profit on Sale of Property used for Residence 1. Assessee being an individual or a HUF. 2. The capital gain arises from Transfer of Residential Property. 3. The Income from this Property is chargeable to Income Tax under the Head “Income From House Property”. 4. This Property is […]...
Read MoreIncome Tax - Sale of a residential house is taxable under the Income Tax Act. When you sell a house, you are required to pay capital gain tax on the profit received from the sale. The Income Tax Act,1961 provides relief from tax payment in such a case under Section 54 , subject to fulfilment of certain conditions. […]...
Read MoreIncome Tax - Buying a house is a dream for millions of people in India. The government has provided various tax benefits to individuals to encourage them to buy a house property under the ‘housing for all’ initiative. One of the important things to note is that if the property is held jointly, individuals can receive additional tax [&helli...
Read MoreIncome 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....
Read MoreIncome 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 […]...
Read MoreIncome Tax - Under Section 54 of the Income-tax Act, if an assessee who has earned a Capital Gain on sale of a residential house, has, within the prescribed period, purchased or constructed another residential house, then, to the extent of the cost of the new residential house, no tax in respect of such Capital Gain is payable. ...
Read MoreIncome 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)....
Read MoreIncome 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....
Read MoreIncome 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 ...
Read MorePr. CIT Vs Dilip Ranjrekar (Karnataka High Court) - Pr. CIT Vs Dilip Ranjrekar (Karnataka High Court) In the instant case, the investment is made in a new property. The construction was not completed within a period of three years as narrated in section 54 of the Act. The delay was not because of the assessee, but beyond his control, since the constr...
Read MoreACIT Vs Ashwin S. Bhalekar (ITAT Mumbai) - ACIT Vs Ashwin S. Bhalekar Beamon Chambers (ITAT Mumbai) Claim of the assessee that extinguishment of rights in the capital asset is a transfer of capital asset and capital gains and consequent allowance of claim of deduction under section 54 of the Act. The facts clearly show that the extinguishm...
Read MoreSmt. Tupel Raja Iyengar Shakuntala Vs ITO (ITAT Bangalore) - Assessee was entitled to claim long term capital gain exemption under section 54 on sale of property and the same could not be denied on the ground that income tax return was not filed declaring such income....
Read MoreRajendra Pal Verma Vs ACIT (ITAT Mumbai) - In the case before us was entitled to claim exemption u/s. 54 to the extent he had invested towards the purchase of the new residential property under consideration upto the date of filing of his revised return of income under Sec. 139(5) i. e. on 15. 11. 2014....
Read MoreDCIT Vs Smt. Jennifer Chakraborty (ITAT Kolkata) - The word held used in section 2(14) implies right over a capital asset. In the instant case, right over the property was held by assessee for the period of 36 months, by paying first installment and builder issued a provisional letter of allotment and from that period, assessee had been enjoying leg...
Read MoreNotification 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...
Read MorePr. CIT Vs Dilip Ranjrekar (Karnataka High Court) -
ACIT Vs Ashwin S. Bhalekar (ITAT Mumbai) -
Smt. Tupel Raja Iyengar Shakuntala Vs ITO (ITAT Bangalore) -
Rajendra Pal Verma Vs ACIT (ITAT Mumbai) -
DCIT Vs Smt. Jennifer Chakraborty (ITAT Kolkata) -
Kaushik D. Mistry Vs ITO (ITAT Mumbai) -
Shri Raghuram P Nambyar Vs ACIT (ITAT Bangalore) -