section 54

Deduction we use to forget while computing taxable income

Income Tax - Deduction for Medical treatment of dependent :- Under Section 80DD of the Act, where an individual has incurred expenditure for the medical treatment, training and rehabilitation of a dependent, being a person with disability or has paid or deposited any amount under prescribed scheme for the maintenance of dependent, such individual will...

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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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Analysis of Section 54, 54EC and 54F- Exemption from Long Term Capital Gains

Income Tax - The persons having long-term capital gain can avail exemption under various sections by making prescribed investments. The long-term capital gains are usually taxed @ 20%. This tax can be saved by making investments as per section 54, 54EC and 54. Section 54: Profit on sale of property used for residence: Capital gain arising on transfer ...

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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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Clarify whether acquisition of residential flat in ‘OAS’ is ‘purchase’ or ‘construction: ICAI

Income 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. ...

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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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Deduction U/s. 54 despite non completion of Flat Construction by developer

Asstt. CIT Vs M. Raghuraman (ITAT Chennai) - This appeal of the revenue is directed against the order of the Commissioner (Appeals)-9, Chennai, dated 30-5-2017 and pertains to assessment year 2013-14....

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Revised return not become invalid merely for filing after issue of Notice U/s. 143(2)

Shri Mahesh H. Hinduja Vs. ITO( ITAT Mumbai) - There is no bar / restriction in the provisions of section 139(5) of the Act that the assessee cannot file a revised return of income after issuance of notice under section 143(2) of the Act. It is trite law, the assessee can file a revised return of income even in course of the assessment proceedin...

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Exemption U/s. 54 for Reinvestment in 3 residential houses having common amenities?

A.C.I.T. Vs Smt. Reshmi P. Loyalka (ITAT Kolkata) - Whether the reinvestment made by the assessee in 3 residential houses having common amenities, kitchen, common entrance, common house name, common electrical, common storage, common water, common garden, common boundary wall, common guard room, etc would give eligibility to claim exemption u/s 54 of...

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Section 54-Booking of flat with builder- Purchase or construction?

ACIT Vs Vineet Kumar Kapila (ITAT Delhi) - The brief facts of the case are that the assessee case was selected for scrutiny through CASS and notice u/s 143(2) of the Income Tax Act, 1961 (hereinafter referred as the Act) was issued and served upon the assessee requiring him to furnish necessary details and documents along with supporting evi...

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Section 54 exemption available on amount utilized for purchase of new asset before due date of filing return of income but after filing of ROI

Shri Arun Kumar Jain Vs. The Income Tax Officer (ITAT Delhi) - Shri Arun Kumar Jain Vs. ITO (ITAT Delhi) The A.O. noted that as per Section 54(2) of the I.T. Act, the amount of capital gain, which is not utilized by him for the purchase of new asset before the date of furnishing the ITR under section 139, shall be deposited by him, before furnishing such [&hell...

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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"

Deduction we use to forget while computing taxable income

Deduction for Medical treatment of dependent :- Under Section 80DD of the Act, where an individual has incurred expenditure for the medical treatment, training and rehabilitation of a dependent, being a person with disability or has paid or deposited any amount under prescribed scheme for the maintenance of dependent, such individual will...

Read More
Posted Under: Income Tax | ,

Deduction U/s. 54 despite non completion of Flat Construction by developer

Asstt. CIT Vs M. Raghuraman (ITAT Chennai)

This appeal of the revenue is directed against the order of the Commissioner (Appeals)-9, Chennai, dated 30-5-2017 and pertains to assessment year 2013-14....

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Revised return not become invalid merely for filing after issue of Notice U/s. 143(2)

Shri Mahesh H. Hinduja Vs. ITO( ITAT Mumbai)

There is no bar / restriction in the provisions of section 139(5) of the Act that the assessee cannot file a revised return of income after issuance of notice under section 143(2) of the Act. It is trite law, the assessee can file a revised return of income even in course of the assessment proceedings, provided, the time limit prescribed ...

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Exemption U/s. 54 for Reinvestment in 3 residential houses having common amenities?

A.C.I.T. Vs Smt. Reshmi P. Loyalka (ITAT Kolkata)

Whether the reinvestment made by the assessee in 3 residential houses having common amenities, kitchen, common entrance, common house name, common electrical, common storage, common water, common garden, common boundary wall, common guard room, etc would give eligibility to claim exemption u/s 54 of the Act by construing all the three uni...

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Section 54-Booking of flat with builder- Purchase or construction?

ACIT Vs Vineet Kumar Kapila (ITAT Delhi)

The brief facts of the case are that the assessee case was selected for scrutiny through CASS and notice u/s 143(2) of the Income Tax Act, 1961 (hereinafter referred as the Act) was issued and served upon the assessee requiring him to furnish necessary details and documents along with supporting evidence....

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Section 54 exemption available on amount utilized for purchase of new asset before due date of filing return of income but after filing of ROI

Shri Arun Kumar Jain Vs. The Income Tax Officer (ITAT Delhi)

Shri Arun Kumar Jain Vs. ITO (ITAT Delhi) The A.O. noted that as per Section 54(2) of the I.T. Act, the amount of capital gain, which is not utilized by him for the purchase of new asset before the date of furnishing the ITR under section 139, shall be deposited by him, before furnishing such […]...

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Multiple houses in single residential complex constitutes “a residential house” for Section 54/ 54F

V.V.V. Satyanarayana Vs ITO (ITAT Hyderabad)

Where a residential house was transferred and four flats in a single residential complex were purchased by the assessee, it was held that all four residential flats constituted "a residential house" for the purpose of Section 54 and that the four residential flats cannot be construed as four residential houses for the purpose of Section 5...

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Exemption u/s. 54 cannot be denied Merely for Housing Loan availment by Assessee

Amit Parekh Vs I.T.O. (ITAt Kolkata)

Amit Parekh Vs ITO (ITAt Kolkata) Section 54 of the Act provides that the assessee has to purchase a house property for the purpose of his own residence within the period of one year on or after the date on which the transfer of property took place or assessee should have constructed a house property […]...

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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....

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Posted Under: Income Tax |

Two flats in different locations cannot be considered as single residential house for section 54 / 54F

The Asst.Commissioner of Income-tax Vs Sri.N.S.Viswanathan (ITAT Cochin)

The learned Commissioner of Income Tax(Appeals) erred in allowing the assessees appeal relying on the decision of the Honble High Court of Karnataka in the case of Smt. K.G. Ruminiamma (2011 )331 ITR 211 when the facts of the case are distinguishable from the assessee's case. In the case of Smt. K.G Ruminiamma...

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