section 54

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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Changes in Income tax & GST applicable from 01st April 2019

Income Tax - The new financial year has just begun, and there has been a lot of changes in tax laws. So, in the article, we aim to discuss few changes, relevant to most of the taxpayers. We are covering the changes made in Income tax Act and GST.  A. Changes in Income tax Act 1. Rebate u/s […]...

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Changes in GST, Income Tax & corporate Law wef 01.04.2019

Income Tax - New provisions of GST, Income Tax & Corporate Laws applicable w.e.f April 1, 2019 As we are heading towards the beginning of a new financial year, i.e., Financial Year 2019-20, it’s important to know about the provisions of law applicable from April 1, 2019. The Government had made various changes under Income-tax law, GST and [...

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4 New Income Tax Tax exemption in Financial Year 2019-20

Income Tax - Let’s take a quick look at the key changes in the Interim Budget 2019 from a personal tax perspective, which will be effective from 1 April 2019. 1. Standard Deduction from Salary: Standard deduction has been increased from Rs 40,000 to Rs 50,000 for salaried individuals (which was introduced in the Budget 2018 in lieu […]...

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Budget 2019 – 5 Major Changes

Income Tax - Budget 2019 can be said as a boon to middle class tax payers if they plan their tax well in advance. The budget has brought some major changes to small tax payers , salaried tax payers and also a has some favourable impact on real estate sector in view of changes in house property income […]...

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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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Sec. 54 deduction available on purchase of flats even if investment was not made out of sale proceeds

Neelam Nananni Vs Income Tax Officer (ITAT Mumbai) - Neelam Nananni Vs ITO (ITAT Mumbai) Conclusion: Deduction under section 54 was available on purchase of  new flats by assessee from long-term capital gain earned on sale of old asset even if investment was not made out of the proceeds of capital gain. Held: Assessee earned a long-term capital gain ...

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Sec 54 exemption allowable on property purchased outside India prior to amendment in 2015

I.T.O. Vs Shri Mahesh Gobind Dalamal (ITAT Mumbai) - Conclusion: Exemption under Section 54 was available to assessee for properties purchased in foreign countries as there was no condition in the provision that the property must be purchased in India prior to amendment in the provision in 2015....

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No penalty for claim of exemption u/s 54 instead of section 54F

Smt. Gaytri Sharma Vs ITO (ITAT Jaipur) - Penalty under section 271(1)(c) could not be levied as assessee had proved that there was a reasonable cause for making the wrong claim under section 54 instead of section 54F....

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Deeming section 50 cannot be extended to restrict deduction u/s 54F

DCIT Vs Shri Hrishikesh D. Pai (ITAT Mumbai) - DCIT Vs Shri Hrishikesh D. Pai (ITAT Mumbai) Conclusion: Assessee was entitled for deduction u/s. 54F on the capital gains arising on the sale of depreciable assets being commercial flats computed in the manner laid down in Section 50 read with Section 48, 49 and 45  and  section 50 was a deemed p...

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Exemption U/s. 54 cannot be disallowed just because exemption was claimed U/s. 54F

ACIT Vs Jai Kumar Gupta (HUF) (ITAT Mumbai) - Deduction under section 54 was allowable on purchase of flats as merely because assessee, by ignorance of law or mistake, had claimed deduction under section 54F instead of section 54, such ignorance of law/mistake on the part of assessee could not be utilized to its disadvantage by AO....

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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"

Section 54- Exemption from Capital Gain arising on Transfer of House

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 More
Posted Under: Income Tax | ,

Sec. 54 deduction available on purchase of flats even if investment was not made out of sale proceeds

Neelam Nananni Vs Income Tax Officer (ITAT Mumbai)

Neelam Nananni Vs ITO (ITAT Mumbai) Conclusion: Deduction under section 54 was available on purchase of  new flats by assessee from long-term capital gain earned on sale of old asset even if investment was not made out of the proceeds of capital gain. Held: Assessee earned a long-term capital gain on the sale of immovable […]...

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Sec 54 exemption allowable on property purchased outside India prior to amendment in 2015

I.T.O. Vs Shri Mahesh Gobind Dalamal (ITAT Mumbai)

Conclusion: Exemption under Section 54 was available to assessee for properties purchased in foreign countries as there was no condition in the provision that the property must be purchased in India prior to amendment in the provision in 2015....

Read More

Changes in Income tax & GST applicable from 01st April 2019

The new financial year has just begun, and there has been a lot of changes in tax laws. So, in the article, we aim to discuss few changes, relevant to most of the taxpayers. We are covering the changes made in Income tax Act and GST.  A. Changes in Income tax Act 1. Rebate u/s […]...

Read More
Posted Under: Income Tax | ,

No penalty for claim of exemption u/s 54 instead of section 54F

Smt. Gaytri Sharma Vs ITO (ITAT Jaipur)

Penalty under section 271(1)(c) could not be levied as assessee had proved that there was a reasonable cause for making the wrong claim under section 54 instead of section 54F....

Read More

Deeming section 50 cannot be extended to restrict deduction u/s 54F

DCIT Vs Shri Hrishikesh D. Pai (ITAT Mumbai)

DCIT Vs Shri Hrishikesh D. Pai (ITAT Mumbai) Conclusion: Assessee was entitled for deduction u/s. 54F on the capital gains arising on the sale of depreciable assets being commercial flats computed in the manner laid down in Section 50 read with Section 48, 49 and 45  and  section 50 was a deemed provision, therefore, its […]...

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Changes in GST, Income Tax & corporate Law wef 01.04.2019

New provisions of GST, Income Tax & Corporate Laws applicable w.e.f April 1, 2019 As we are heading towards the beginning of a new financial year, i.e., Financial Year 2019-20, it’s important to know about the provisions of law applicable from April 1, 2019. The Government had made various changes under Income-tax law, GST and [...

Read More
Posted Under: Income Tax | ,

Exemption U/s. 54 cannot be disallowed just because exemption was claimed U/s. 54F

ACIT Vs Jai Kumar Gupta (HUF) (ITAT Mumbai)

Deduction under section 54 was allowable on purchase of flats as merely because assessee, by ignorance of law or mistake, had claimed deduction under section 54F instead of section 54, such ignorance of law/mistake on the part of assessee could not be utilized to its disadvantage by AO....

Read More

4 New Income Tax Tax exemption in Financial Year 2019-20

Let’s take a quick look at the key changes in the Interim Budget 2019 from a personal tax perspective, which will be effective from 1 April 2019. 1. Standard Deduction from Salary: Standard deduction has been increased from Rs 40,000 to Rs 50,000 for salaried individuals (which was introduced in the Budget 2018 in lieu […]...

Read More
Posted Under: Income Tax |

Section 54 not restrict exemption to sale of one residential house

ACIT Vs Mr. Bipin N. Sagar (ITAT Mumbai)

ACIT Vs Mr. Bipin N. Sagar (ITAT Mumbai) Appellant has stated that the transfer is of one residential house. The three adjoining flats were merged and made it one residential house not by the Appellant but by previous owner. The Appellant ever since the date of purchase used it as one residential house. There is […]...

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