section 54

Interim budget has good news for property owners as well

Income Tax - This interim budget as expected intends to harvest good votes in the election season and has therefore proposed various beneficial proposals for small tax payers It  proposes various provisions which are beneficial for the owners of property. Let us discuss. Enhancement for limit on TDS on rent The Finance Minister (FM) has proposed to e...

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Capital Gain Benefit on Sale of Residential House In Budget 2019 & Computation

Income Tax - Unbelievable change in budget 2019 about tax saving on sale of Residential house property under Section 54 of Income Tax Act, 1961.Inter Budget 2019 has proposed 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 [&helli...

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Executive Summary of Finance Bill, 2019 ‐ Direct Taxes

Income Tax - Finance Bill,2019 has proposed amendments to  Standard deduction, Notional Income of two self-occupied property, Interest on capital borrowed for acquisition / construction of two self occupied  House properties, Exemption under Section 54, Interest on capital borrowed for acquisition / construction of two self occupied  House properti...

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Issues In Allowing Exemption U/S 54 & 54F- Long Term Capital Gain

Income Tax - Long term capital gain on purchase of residential house is exempt u/s 54 & 54F. The author do not wish to go in the procedure of calculating capital gain. The subject addressed in this article is connected with various issues which are concerned with the allowability or otherwise of the long term capital gain invested in the purchase of r...

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Investment in multiple houses for exemption under section 54/54F

Income Tax - Controversy always cropped between taxpayer and income tax department whenever taxpayer claim exemption under section 54 and 54F for investment made in multiple houses. Question that now arise whether the prefix ‘a’ used before the word residential house is interpreted in singular or plural sense. ...

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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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Date of possession can be taken as Date of Acquisition to claim S. 54 Benefit

Smt. Ranjana R. Deshmukh Vs ITO (ITAT Mumbai) - Smt. Ranjana R. Deshmukh Vs ITO (ITAT Mumbai) Admittedly, though the assessee had entered into an agreement to purchase the new property viz. A-801, Lodha Luxuria on 29.01.2009, but then the possession of the same was delivered to her only as on 18.05.2012. We are persuaded to subscribe to the claim...

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Exemption u/s 54 cannot be denied for mere non completion of construction of flat by builder within stipulated period

ACIT Vs Shri Dilip Ranjrekar (ITAT Banaglore) - ACIT Vs. Shri Dilip Ranjrekar (ITAT Banaglore) It is apparent from the facts of the case as mentioned (along with copies of corroborative documentary evidence) and discussed above from para 7.1 to 4.4.3 of this order (Supra) that the non completion of the construction the flat by the builder within ...

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Exemption U/s 54 available on amount invested despite non-completion of construction by builder within prescribed time

ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore) - ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore) It was held that despite the non completion of the construction of the new property by the builder, the assessee would be entitled to the benefit of exemption u/s 54 of the Act. We have heard the rival contentions and perused and carefully considered th...

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Sec 54 requires construction completion within 3 years irrespective of purchase date

Gandraju Prabhavathi Vs Pr. CIT (ITAT Visakhapatnam) - Benefit u/s 54 can be availed even if plot was purchased prior to sale of property provided construction of the house property is completed within the time frame provided in Section 54. ...

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Making of a statutory claim U/s. 54/54F cannot be said to be concealment of particulars of income

CIT Vs D. Harindran (Madras High Court) - CIT Vs D. Harindran (Madras High Court)  The learned Appellate Tribunal held that the respondent assessee had furnished all details of sale and purchase of the Injambakkam property and had claimed deduction under Section 54/54F of the 1961 Act. After careful perusal and analysis of Section 271(1)(c...

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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"

Interim budget has good news for property owners as well

This interim budget as expected intends to harvest good votes in the election season and has therefore proposed various beneficial proposals for small tax payers It  proposes various provisions which are beneficial for the owners of property. Let us discuss. Enhancement for limit on TDS on rent The Finance Minister (FM) has proposed to e...

Read More
Posted Under: Income Tax |

Capital Gain Benefit on Sale of Residential House In Budget 2019 & Computation

Unbelievable change in budget 2019 about tax saving on sale of Residential house property under Section 54 of Income Tax Act, 1961.Inter Budget 2019 has proposed 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 [&helli...

Read More
Posted Under: Income Tax |

Executive Summary of Finance Bill, 2019 ‐ Direct Taxes

Finance Bill,2019 has proposed amendments to  Standard deduction, Notional Income of two self-occupied property, Interest on capital borrowed for acquisition / construction of two self occupied  House properties, Exemption under Section 54, Interest on capital borrowed for acquisition / construction of two self occupied  House properti...

Read More
Posted Under: Income Tax | ,

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

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 More
Posted Under: Income Tax |

Date of possession can be taken as Date of Acquisition to claim S. 54 Benefit

Smt. Ranjana R. Deshmukh Vs ITO (ITAT Mumbai)

Smt. Ranjana R. Deshmukh Vs ITO (ITAT Mumbai) Admittedly, though the assessee had entered into an agreement to purchase the new property viz. A-801, Lodha Luxuria on 29.01.2009, but then the possession of the same was delivered to her only as on 18.05.2012. We are persuaded to subscribe to the claim of the ld. A.R […]...

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Exemption u/s 54 cannot be denied for mere non completion of construction of flat by builder within stipulated period

ACIT Vs Shri Dilip Ranjrekar (ITAT Banaglore)

ACIT Vs. Shri Dilip Ranjrekar (ITAT Banaglore) It is apparent from the facts of the case as mentioned (along with copies of corroborative documentary evidence) and discussed above from para 7.1 to 4.4.3 of this order (Supra) that the non completion of the construction the flat by the builder within the stipulated period is beyond [&hellip...

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Exemption U/s 54 available on amount invested despite non-completion of construction by builder within prescribed time

ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore)

ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore) It was held that despite the non completion of the construction of the new property by the builder, the assessee would be entitled to the benefit of exemption u/s 54 of the Act. We have heard the rival contentions and perused and carefully considered the material on record. It […]...

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Issues In Allowing Exemption U/S 54 & 54F- Long Term Capital Gain

Long term capital gain on purchase of residential house is exempt u/s 54 & 54F. The author do not wish to go in the procedure of calculating capital gain. The subject addressed in this article is connected with various issues which are concerned with the allowability or otherwise of the long term capital gain invested in the purchase of r...

Read More
Posted Under: Income Tax |

Sec 54 requires construction completion within 3 years irrespective of purchase date

Gandraju Prabhavathi Vs Pr. CIT (ITAT Visakhapatnam)

Benefit u/s 54 can be availed even if plot was purchased prior to sale of property provided construction of the house property is completed within the time frame provided in Section 54. ...

Read More

Making of a statutory claim U/s. 54/54F cannot be said to be concealment of particulars of income

CIT Vs D. Harindran (Madras High Court)

CIT Vs D. Harindran (Madras High Court)  The learned Appellate Tribunal held that the respondent assessee had furnished all details of sale and purchase of the Injambakkam property and had claimed deduction under Section 54/54F of the 1961 Act. After careful perusal and analysis of Section 271(1)(c) of the 1961 Act, the Appellate Tribuna...

Read More

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