Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : The guide explains Sections 54 to 54GB, showing how taxpayers can claim capital gains tax exemptions through reinvestment, subject...
Income Tax : The new law treats gains from depreciable assets as short-term capital gains for all purposes, not merely for computation. This ef...
Income Tax : Courts held that investment in under-construction property qualifies as construction under Sections 54/54F. Deduction cannot be de...
Income Tax : Courts held that exemption cannot be denied merely due to lack of registration if possession and substantial payment are proven. T...
Income Tax : Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha I...
CA, CS, CMA, Income Tax : We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those represent...
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,...
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 ...
Income Tax : Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit R...
Income Tax : Mumbai ITAT ruled that investment in rights relating to a specific residential flat under a redevelopment project qualifies for Se...
Income Tax : The Chandigarh ITAT held that deduction under Section 54 cannot be restricted merely because the new residential property is joint...
Income Tax : Assessee was entitled to deduction under section 54F in respect of the entire value of all 50 residential flats receivable under t...
Income Tax : Tribunal held that purchase of land outside the prescribed period does not automatically disqualify exemption on construction of a...
Income Tax : The Bangalore ITAT held that Section 54 relief cannot be denied when capital gains are invested in a new residential house before ...
CA, CS, CMA : The ICAI Disciplinary Committee reprimanded CA Jayant Ishwardas Mehta for professional misconduct involving an incorrect income t...
Income Tax : For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 m...
Income Tax : 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...
Income Tax : Notification No. 44/2012-Income Tax In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of secti...
Mumbai ITAT ruled that investment in rights relating to a specific residential flat under a redevelopment project qualifies for Section 54 relief. The Tribunal held that beneficial provisions should receive a liberal interpretation when substantial compliance is established.
The Chandigarh ITAT held that deduction under Section 54 cannot be restricted merely because the new residential property is jointly held with a spouse. The decisive factor is the source of investment, which in this case originated entirely from the assessee.
Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in another eligible residential property within prescribed timelines.
Assessee was entitled to deduction under section 54F in respect of the entire value of all 50 residential flats receivable under the Joint Development Agreement. Prior to the amendment effective from 01.04.2015, exemption under section 54F could not be restricted merely because the investment was made in multiple residential units.
The guide explains Sections 54 to 54GB, showing how taxpayers can claim capital gains tax exemptions through reinvestment, subject to eligibility, timelines, limits, and compliance conditions.
Tribunal held that purchase of land outside the prescribed period does not automatically disqualify exemption on construction of a residential house. Construction expenditure incurred within the time limit prescribed under Section 54 may still qualify for deduction. The issue was remanded for verification of actual construction costs.
The Bangalore ITAT held that Section 54 relief cannot be denied when capital gains are invested in a new residential house before filing the return under Section 139(4). The Tribunal ruled that such investment satisfies the statutory requirement even without a prior deposit in the Capital Gains Account Scheme.
The Tribunal ruled that booking a residential flat and making substantial payments toward its acquisition can amount to a purchase for Section 54F purposes. Registration at a later date does not automatically defeat the exemption claim.
The Tribunal held that documents relating to the assessee were found during the search of another person. It ruled that proceedings could only be initiated under Section 153C, making the reassessment under Section 148 invalid.
The Tribunal accepted the assessee’s claim that the opening capital figure in the earlier ITR was wrongly reported due to omissions of FDRs and bank balances. Since the assets already existed in the preceding year, the addition under Section 68 was held unsustainable.
