TaxGuru Newsletter Subscription
Information You Can Rely On.
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....
Read MoreIncome Tax - How many house you can own and what are the tax implications of owning more than one house? People frequently ask me as to how many house one can buy and own at a time in own name. The answer is as many as you want and can afford. So there are no restrictions under […]...
Read MoreIncome Tax - Section 54 of the Income Tax Act Profit on Sale of Property used for Residence 1. Assessee being an individual or a HUF. 2. The capital gain arises from Transfer of Residential Property. 3. The Income from this Property is chargeable to Income Tax under the Head “Income From House Property”. 4. This Property is […]...
Read MoreIncome Tax - Sale of a residential house is taxable under the Income Tax Act. When you sell a house, you are required to pay capital gain tax on the profit received from the sale. The Income Tax Act,1961 provides relief from tax payment in such a case under Section 54 , subject to fulfilment of certain conditions. […]...
Read MoreIncome Tax - Buying a house is a dream for millions of people in India. The government has provided various tax benefits to individuals to encourage them to buy a house property under the ‘housing for all’ initiative. One of the important things to note is that if the property is held jointly, individuals can receive additional tax [&helli...
Read MoreIncome 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 […]...
Read MoreIncome 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. ...
Read MoreIncome 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)....
Read MoreIncome 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....
Read MoreIncome 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 ...
Read MoreMrs. A. Vijayakumari Vs ITO (ITAT Chennai) - Mrs. A. Vijayakumari Vs ITO (ITAT Chennai) The provisions of section 54 of the Act are beneficial and are to be considered liberally for reasonable bonafide cause but investment in residential property is mandatory which is not in dispute in this case. The Assessing Officer was not justified in reje...
Read MoreITO Vs Shri Kantilal G. Kotecha (ITAT Mumbai) - ITO Vs Shri Kantilal G. Kotecha (ITAT Mumbai) We find that with regard to claim of deduction u/s 54 of the Act, this tribunal in quantum proceedings had granted deduction u/s 54 of the Act to the extent of payments made within the prescribed limitation period i.e payments made within one year prior ...
Read MoreI.T.O. Vs Shri Roop Narayan Sharma (ITAT Jaipur) - Deduction U/s 54F was available to assessee in respect of full value of consideration received and not on the value taken by the Sub-Registrar for the purposes of stamp duty. ...
Read MoreVijay Mahipal v. ITO (ITAT Kolkata) - Vijay Mahipal v. ITO (ITAT Kolkata) If the assessee invests the entire consideration in construction of the residential house within three years from the date of transfer he cannot be denied deduction u/s 54F of the Act on the ground that he did not deposit the said amount in capital gain account sc...
Read MoreSh. Vijay Chaudhary Vs ITO (ITAT Delhi) - Sh. Vijay Chaudhary Vs ITO (ITAT Delhi) Whether the assessee invests the entire sales consideration in construction of a residential house within three years from the date of transfer can he be denied exemption under Section 54F on the ground that he did not deposit the said amount in capital gains ...
Read MoreNotification 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...
Read MoreMrs. A. Vijayakumari Vs ITO (ITAT Chennai) -
ITO Vs Shri Kantilal G. Kotecha (ITAT Mumbai) -
I.T.O. Vs Shri Roop Narayan Sharma (ITAT Jaipur) -
Vijay Mahipal v. ITO (ITAT Kolkata) -
Sh. Vijay Chaudhary Vs ITO (ITAT Delhi) -
ACIT Vs Seema Sobit (ITAT Delhi) -
Shri Ram Narayan Vs ITO (ITAT Jaipur) -
Kishorbhai Harjibhai Patel Vs ITO (Gujarat High Court) -
Bal Kishan Atal Vs ACIT (ITAT Delhi) -
