section 54

How to save Income tax on sale of residential property?

Income Tax - Many taxpayers are not aware the provision of the income tax act on how to save the tax on the sale of residential property.  They earn profits on the sale of residential property and pay the taxes. They can save the tax. I have brief the methods from which the taxpayers can save the tax. […]...

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Government wants you to own a house

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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Section 54/54F- Cost of new residential house includes cost of land also!

Income Tax - This article aims to highlight the meaning of 'Cost of new residential house' in the context of deduction under section 54 of Income Tax Act. To resolve the controversy of claiming deduction under section 54/54F of the Act, 'cost of new residential property includes cost of land'....

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Law Vs Case Law> Role of A Professional (CA & Lawyer) (Part II)

Income Tax - This is a supplement to the earlier published Article under the above Title (‘the earlier Article’). Law Vs Case Law Role of A Professional (CA And Lawyer)- Part I 1.The idea of acquiring and holding a ‘Unit’ in a building, with ‘ownership’ rights, – notwithstanding its peculiar characteristics, as distinct from an indep...

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Exemption from Capital Gains Tax arising on Sale of House property

Income Tax - The Income Tax Act grants total or partial exemption under Section 54, 54B, 54D, 54EC, 54F, 54G, 54GA and 54H. ♣ Capital Gains Arising from Transfer of Residential Property – Section 54 Section 54 provides exemption on capital gains arising from the transfer of a residential house, being building or lands appurtenant (belonging) there...

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Section 54 Capital Gain Exemption on investment in two residential houses proposed

Income 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 […]...

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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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Mere Expense on Electricity & Water bills won’t convert Status of Plot of Land into Residential Property

Shri Shailesh Kumar Chaturvedi Vs ITO (ITAT Jaipur) - The issue under consideration is whether the expense on electricity and water bill will convert the status of plot of land into residential property and accordingly assessee will be eligible for deduction u/s 54?...

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Prior to A.Y. 2015-16 word ‘a’ employed under Section 54 can include plural residential houses

Tilokchand & Sons Vs ITO (Madras High Court) - If the word 'a' as employed under Section 54 prior to its amendment and substitution by the words 'one' with effect from 01.04.2015 could not include plural units of residential houses, there was no need to amend the said provisions by Finance Act No.2 of 2014 with effect from 01.04.2015 which the L...

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Year of taxability of unutilised portion of capital gains- Section 54/54F

Deepak Bhardwaj Vs ITO (ITAT Delhi) - Deepak Bhardwaj Vs ITO (ITAT Delhi) Only question that arises for our consideration is whether the unutilised portion of capital gains is liable for tax either in the year in which such long term capital gains arose or in the year in which the period of 3 years for such utilisation expires. Under id...

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Exemption u/s 54 allowed if purchase amount paid by assessee irrespective of name on agreement of Son

Smt. Subbalakshmi Kurada Vs ACIT (ITAT Bangalore) - Smt. Subbalakshmi Kurada Vs ACIT (ITAT Bangalore) The issue under consideration is that if the assessee reinvested capital gains in purchase of new residential house in the name of assessee and his son together then whether assessee in entitle to the full amount of exemption u/s 54? As per Section 5...

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No Section 54 Exemption denial for Purchase of new property in the name of son

Bhagwan Swroop Pathak Vs ITO (ITAT Delhi) - The issue under consideration is whether the exemption u/s 54 can be denied only with the reason that the new property has been purchased in the name of son and not in the name of that assessee....

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Govt Extends due dates under Income Tax Law & Benami laws

Notification No. 35/202-Income Tax/S.O. 2033(E) and Press Release ID: 1634070 - (24/06/2020) - 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 date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 ...

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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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Recent Posts in "section 54"

How to save Income tax on sale of residential property?

Many taxpayers are not aware the provision of the income tax act on how to save the tax on the sale of residential property.  They earn profits on the sale of residential property and pay the taxes. They can save the tax. I have brief the methods from which the taxpayers can save the tax. […]...

Read More
Posted Under: Income Tax |

Government wants you to own a house

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....

Read More
Posted Under: Income Tax | ,

Mere Expense on Electricity & Water bills won’t convert Status of Plot of Land into Residential Property

Shri Shailesh Kumar Chaturvedi Vs ITO (ITAT Jaipur)

The issue under consideration is whether the expense on electricity and water bill will convert the status of plot of land into residential property and accordingly assessee will be eligible for deduction u/s 54?...

Read More

Section 54/54F- Cost of new residential house includes cost of land also!

This article aims to highlight the meaning of 'Cost of new residential house' in the context of deduction under section 54 of Income Tax Act. To resolve the controversy of claiming deduction under section 54/54F of the Act, 'cost of new residential property includes cost of land'....

Read More
Posted Under: Income Tax |

Law Vs Case Law> Role of A Professional (CA & Lawyer) (Part II)

This is a supplement to the earlier published Article under the above Title (‘the earlier Article’). Law Vs Case Law Role of A Professional (CA And Lawyer)- Part I 1.The idea of acquiring and holding a ‘Unit’ in a building, with ‘ownership’ rights, – notwithstanding its peculiar characteristics, as distinct from an indep...

Read More
Posted Under: Income Tax |

Exemption from Capital Gains Tax arising on Sale of House property

The Income Tax Act grants total or partial exemption under Section 54, 54B, 54D, 54EC, 54F, 54G, 54GA and 54H. ♣ Capital Gains Arising from Transfer of Residential Property – Section 54 Section 54 provides exemption on capital gains arising from the transfer of a residential house, being building or lands appurtenant (belonging) there...

Read More
Posted Under: Income Tax |

Law Vs Case Law Role of A Professional (CA And Lawyer)- Part I

By and large,  clients engage CAs  for professional assistance, from the initial stage of preparing and filing tax return,  then during the assessment proceedings, and, thereafter, up to the second appeal stage of ITAT for representation....

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Posted Under: Income Tax |

Prior to A.Y. 2015-16 word ‘a’ employed under Section 54 can include plural residential houses

Tilokchand & Sons Vs ITO (Madras High Court)

If the word 'a' as employed under Section 54 prior to its amendment and substitution by the words 'one' with effect from 01.04.2015 could not include plural units of residential houses, there was no need to amend the said provisions by Finance Act No.2 of 2014 with effect from 01.04.2015 which the Legislature specifically made it clear to...

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Check new deadlines to file ITR for FY20, FY19 & Other due dates

Vide Income Tax Notification No.35/2020 dated 24.06.2020 government extends various due date upto 31st July, 2020. The salient features of which are as under: 1) The time of filing of original as well as revised income tax returns of the FY 18-19 (AY 2019-20) has been extended to 31st July, 2020. 2) The returns of […]...

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Posted Under: Income Tax |

Govt Extends due dates under Income Tax Law & Benami laws

Notification No. 35/202-Income Tax/S.O. 2033(E) and Press Release ID: 1634070 (24/06/2020)

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 date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 [AY 2020-21] upto 30.11.2020, Last [&hel...

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