section 54

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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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. If in this case the seller was liable to pay income-tax on capital gai...

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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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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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Deduction U/s. 54 allowable on sale consideration invested one year before sale of property

Devichand Kanthilal Shah Vs ITO (ITAT Chennai) - In this case, the investment was admittedly made one year before the date of sale of property. In view of language employed by Parliament in section 54 of the Act, it is not the requirement that the sale consideration has to be invested in purchase of property....

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Final occupation date to calculate Purchase date for section 54F exemption allowed

Smt Ramita Mahendra Mehta Vs Income Tax officer (ITAT Mumbai) - This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals) -20, Mumbai dated 17.04.2014 for the Assessment Year 2010-11. The only grievance of the assessee in his appeal is that the Ld.CIT(A) erred in denying the deduction u/s 54 of the Act....

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Section 54/ 54F benefit cannot be denied for mere non registration of sale deed

Dr. Jasvir Singh Rana Vs Income Tax Officer (ITAT Delhi) - On the facts and circumstances of the case the Assessing Officer has erred in computing long term capital gain at Rs. 99,57,265/-. 2. That the Commissioner (Appeals) is wrong in not granting exemption under section 54 and 54F of the Income Tax Act on the amount invested for the purchase of residenti...

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Assessee allowed Deduction U/s. 54 depsite non completion of construction within 3 years

Kannan Chandrasekar Vs ITO (ITAT Chennai) - This appeal of the assessee is directed against the order of the Commissioner (Appeals)-4, Chennai dated 19-8-2016 pertaining to assessment year 2012-13. 2. The only grievance in this appeal of assessee is non-granting of exemption under section 54 of the Act in respect of sale of the residential pr...

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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"

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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Deduction U/s. 54 allowable on sale consideration invested one year before sale of property

Devichand Kanthilal Shah Vs ITO (ITAT Chennai)Devichand Kanthilal Shah Vs ITO (ITAT Chennai); IT Appeal No. 3353 (Mds.) of 2016; 31/05/2017; 2013-14

In this case, the investment was admittedly made one year before the date of sale of property. In view of language employed by Parliament in section 54 of the Act, it is not the requirement that the sale consideration has to be invested in purchase of property....

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Final occupation date to calculate Purchase date for section 54F exemption allowed

Smt Ramita Mahendra Mehta Vs Income Tax officer (ITAT Mumbai)

This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals) -20, Mumbai dated 17.04.2014 for the Assessment Year 2010-11. The only grievance of the assessee in his appeal is that the Ld.CIT(A) erred in denying the deduction u/s 54 of the Act....

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Section 54/ 54F benefit cannot be denied for mere non registration of sale deed

Dr. Jasvir Singh Rana Vs Income Tax Officer (ITAT Delhi)

On the facts and circumstances of the case the Assessing Officer has erred in computing long term capital gain at Rs. 99,57,265/-. 2. That the Commissioner (Appeals) is wrong in not granting exemption under section 54 and 54F of the Income Tax Act on the amount invested for the purchase of residential plot and deposits made under capital ...

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Assessee allowed Deduction U/s. 54 depsite non completion of construction within 3 years

Kannan Chandrasekar Vs ITO (ITAT Chennai)

This appeal of the assessee is directed against the order of the Commissioner (Appeals)-4, Chennai dated 19-8-2016 pertaining to assessment year 2012-13. 2. The only grievance in this appeal of assessee is non-granting of exemption under section 54 of the Act in respect of sale of the residential property....

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Sec. 54 ITAT allows capital gain exemption despite investment in Term Deposit A/c Instead of Capital Gain Scheme A/c

Sri Ajeet Kumar Jaiswal Vs. ITO (ITAT Hyderabad)

The Income Tax Appellate Tribunal (ITAT), Hyderabad held that exemption under section 54(2) of the Income Tax Act, 1961 cannot be denied to the assesse for the mere reason that the assesse has invested the capital gain in a normal term deposit account instead of Capital Gain Scheme account....

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Section 54 exemption cant be denied for delayed cheque deposit by builder

ITO (IT) 3(3)(1) Vs Akansha Ranju Pilani (ITAT Mumbai)

In a significant ruling, the Mumbai bench of the Income Tax Appellate Tribunal recently held that if a cheque is encashed by the builder after the deadline for filing income-tax return, it will not debar the taxpayer from claiming I-T exemption under section 54 of the Income Tax Act, which is available on reinvestment of long term capital...

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Trust for sole benefit of an individual can claim section 54F deduction

Balgopal Trust Vs. ACIT (ITAT Mumbai)

Issue before us is as to whether the assessee trust, which is for the sole benefit of an individual, will be entitled to deduction u/s. 54F or not, when its status is that of A.O.P. As per Section 54F the benefits of this section is available to individual or Hindu undivided family (HUF). Hon’ble jurisdictional […]...

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Section 54/ 54F: no requirement of investment in new residential house in India prior to 01/04/2015

Income Tax Officer Vs Mr. Nishant Lalit Jadhav (ITAT Mumbai)

Undoubtedly, prior to the amendment made by Finance (Nos.2) Act, 2014 w.e.f. 01/04/2015, the language of section 54 of the Act required the assessee to invest the capital gain in a residential property....

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S. 54 benefit available for cost of house acquired despite non-payment

Gopal Saran Darbari Vs. Income Tax Officer (ITAT Delhi)

Sub-clause (i) of section 54 providing for the exemption does not require that the whole payment for purchase of new asset should be made. In other words even if an assessee acquires a new house on credit i.e. the payment for which may be made in future, the assessee cannot be denied the benefit of deduction under section 54 because what ...

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