section 54

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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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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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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Section 54F: Jointly owned house will not be considered in house property calculation

Dy. Commissioner of Income Tax-5(2)(2) Vs. Shri Dawood Abdulhussain (ITAT Mumbai) - Word own in s. 54F would include only the case where a residential house is fully and wholly owned by assessee and consequently would not include a residential house owned by more than one person....

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Section 54 not mandates completion of construction with 3 years

Seema Sabharwal Vs. ITO (ITAT Chandigarh) - Various courts have held that if assessee invests the amount in purchase / construction of building within the stipulated period and the construction is in progress, then the benefits of exemptions under section 54 / 54F, cannot be denied to the assessee....

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Prior to A.Y 2015-16 no restriction on number of residential houses U/s. 54

Mr. Ravi Shankar Vs. The Assistant Commissioner of Income Tax (ITAT Mumbai) - In Mr. Ravi Shankar vs. The Assistant Commissioner of Income Tax, Mumbai bench of Income Tax Appellate Tribunal (ITAT) proclaimed in its recent order that pre- amended capital gain under section 54 of the Income Tax Act 1961 can be availed for two residential houses....

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Section 54/ 54F Flat booked with builder can be considered as construction of flat

ACIT Vs. Sh. Vineet Kumar Kapila (ITAT Delhi) - ACIT Vs. Sh. Vineet Kumar Kapila (ITAT Delhi) ITAT held that booking of flat with the builder has to be treated as construction of flat by the assessee and hence period of three years would apply for construction of new house from the date of transfer of long term capital asset. Therefore, the Ld. ...

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All apartments received under development agreement would become one house for claim of section 54F/54

Dr. Sudhir Naik (HUF) Vs. Income Tax Officer (ITAT Hyderabad) - Dr. Sudhir Naik (HUF) Vs. ITO (ITAT Hyderabad) Another contention is about claim of 54F/54. It was the contention that assessee has sold all the flats allotted to him and therefore, at the time of investing in the new house, he has no other house except this house. As seen from the agreements and th...

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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 54F: Jointly owned house will not be considered in house property calculation

Dy. Commissioner of Income Tax-5(2)(2) Vs. Shri Dawood Abdulhussain (ITAT Mumbai)

Word own in s. 54F would include only the case where a residential house is fully and wholly owned by assessee and consequently would not include a residential house owned by more than one person....

Read More

Section 54 not mandates completion of construction with 3 years

Seema Sabharwal Vs. ITO (ITAT Chandigarh)

Various courts have held that if assessee invests the amount in purchase / construction of building within the stipulated period and the construction is in progress, then the benefits of exemptions under section 54 / 54F, cannot be denied to the assessee....

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Posted Under: Income Tax |

Prior to A.Y 2015-16 no restriction on number of residential houses U/s. 54

Mr. Ravi Shankar Vs. The Assistant Commissioner of Income Tax (ITAT Mumbai)

In Mr. Ravi Shankar vs. The Assistant Commissioner of Income Tax, Mumbai bench of Income Tax Appellate Tribunal (ITAT) proclaimed in its recent order that pre- amended capital gain under section 54 of the Income Tax Act 1961 can be availed for two residential houses....

Read More

Section 54/ 54F Flat booked with builder can be considered as construction of flat

ACIT Vs. Sh. Vineet Kumar Kapila (ITAT Delhi)

ACIT Vs. Sh. Vineet Kumar Kapila (ITAT Delhi) ITAT held that booking of flat with the builder has to be treated as construction of flat by the assessee and hence period of three years would apply for construction of new house from the date of transfer of long term capital asset. Therefore, the Ld. CIT(A) has […]...

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All apartments received under development agreement would become one house for claim of section 54F/54

Dr. Sudhir Naik (HUF) Vs. Income Tax Officer (ITAT Hyderabad)

Dr. Sudhir Naik (HUF) Vs. ITO (ITAT Hyderabad) Another contention is about claim of 54F/54. It was the contention that assessee has sold all the flats allotted to him and therefore, at the time of investing in the new house, he has no other house except this house. As seen from the agreements and the […]...

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Sec 54F not prescribe any condition as to date of commencement of construction of new house property

Tarun Jalali Vs. DDIT (ITAT Delhi)

Section 54F do not prescribe any condition as to the date of commencement of construction of new house property, meaning thereby that the construction of house property may be commenced even before the date of transfer of original asset. ...

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

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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Posted Under: Income Tax |

Exemption u/s. 54 is available even in respect of two house property / flats

Mr. George Britto Jesudas Vs. ITO (ITAT Mumbai)

Assessee has invested more than the sale proceeds of the industrial gala for purchase of two flats. Respectfully following the decision of Karnataka High Court,we do not find any merit for decline of assessee’s claim of deduction u/s.54 for investment in two flats out of sale proceeds of long term capital gains within the stipulated per...

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Sec. 54 Cost of residential house includes cost of furniture if it forms part of house Purchase

Rajat B Mehta Vs. ITO (ITAT Ahmedabad)

It could not have been open to the authorities below to treat the payment of Rs 18,00,000 on account of furniture and fixtures on standalone basis, and thus exclude it as a separate item rather than as a cost of the residential house so purchased. In our considered view, therefore, the assessee is entitled to deduction under section 54F ...

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

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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Posted Under: Income Tax |
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