Estate of Late Dr. S. Zakaulla Masood Vs ITO (ITAT Bangalore) -
The issue under consideration is whether the CIT(Appeals) was justified in denying the benefit of deduction to assessee u/s. 54 of the Income Tax Act, 1961?...
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Smt. Monika Jain Vs ITO (ITAT Delhi) -
Smt. Monika Jain Vs ITO (ITAT Delhi) The issue under consideration is whether the additional claim (section 54 exemption Claim) will be allowed to be presented in front of appellate authorities? ITAT states that, the Assessing Officer has been barred from accepting any new claims, but no such bar has been imposed on the appellate [&hellip...
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Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is long term capital gain....
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Moturi Lakshmi Vs. ITO (Madras High Court) -
The issue under consideration is whether the advance to the seller of flat prior to the date of sale of old capital asset will be eligible for claiming deduction u/s 54 under capital gains?...
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Dhanveer Singh Gambhir Vs ITO (ITAT Indore) -
The issue under consideration is whether the Section 50C need to be complied at the time of computation of exemption u/s 54 or 54F?
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Whether The Allotment Letter Is Adequate Enough For Grant of Exemption U/S 54F of The Income Tax Act, 1961? Section 54F of the Income Tax Act, 1961 provides for exemption from tax on Capital gain on transfer of certain capital assets, in case of investment in residential house. While Section 54 grants relief from tax […]...
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PCIT Vs Akshay Sobti (Delhi High Court) -
The issue under consideration is whether agreement for construction of house interpreted as agreement for purchase for availing benefits of deduction u/s 54F if construction completed within three years?...
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ITO Vs Smt. Rekha Shetty (ITAT Chennai) -
The issue under consideration is whether the benefit of section 54 of the Income Tax Act, being a beneficial provision, can be denied to the assessee due to non-compliance of procedural requirements?...
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Buying a house is a dream for each one of us. There are various tax incentives offered by government towards stimulating individuals to buy house property under ‘Housing for All’ Mission. However it is of vital importance to keep an eye on calendar to time it well when we want to sell house property since […]...
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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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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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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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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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Hemalatha Mallapuram Vs ITO (ITAT Hyderabad) -
The issue under consideration is whether the tribunal can give fresh opportunity to the assessee to submit evidence which assessee might not have been able to provide at the time of hearing?...
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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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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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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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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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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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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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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 identical facts […]...
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Features of the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 1. Last date for filing belated/revised tax return for Financial Year 2018-19 has been extended from 31st March, 2020 to 30th June, 2020 2. The due date for completion/passing/issuance/filing of any proceeding/order/notice or approval order or sanct...
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This article focuses on the exemptions available to an assessee from capital gain tax under Income Tax Act, 1961. Any profit or gain arising from Transfer of Capital Asset (long term or short term) shall be chargeable under the head capital gain in the year of transfer. However, there are some exemptions on such capital […]...
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Profit on transfer of a capital asset is chargeable under the head Capital Gains. Section 45 makes the gains arising out of the transfer of a capital asset chargeable to tax under the provisions of the Income Tax Act, 1961. However, the chargeability has been subjected to the provisions of sections 54, 54B, 54D, 54E, […]...
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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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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 54, it mandates that the […]...
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Section 54, 54EC & 54F talks about the capital gain arising on transfer of long-term capital assets and one may note that depreciable assets if hold for a period of more than 36 months becomes a long-term capital assets. Section 54/54EC/54F are an independent sections & don’t make any distinction between Depreciable assets vis a vis Non...
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There is always a doubt and confusion in the industry among professionals as well as tax payers regarding availment of exemption under section 54 and 54F against capital gains. Whether investment is allowed to be made only in one residential property or more than one residential property can be allowed? Therefore, today I am covering [&he...
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Mr. Sanghai had sold a commercial property, which was a long term asset and invested the same in purchase and construction of a flat in a apartment in Mumbai, within the one year of sale of asset and claimed deduction u/s 54F of income tax act, but later the builder has not completed the possession of the apartment within 3 years and the ...
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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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Shri Ramphal Hooda Vs ITO (ITAT Delhi) -
Shri Ramphal Hooda Vs ITO (ITAT Delhi) Whether the exemption under Section 54F is extendable to the assessee for the total consideration paid by him, for the purchase of the new asset (the residential property) in the joint name or the exemption would be entitled to the extent of the share of the assessee in […]...
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Section 54 of the Income Tax Act provides exemption towards ‘Long Term Capital Gain’ arising on sale of residential property. Under the current article, we would try to thoroughly understand the exemption available under section 54 of the Income Tax Act along with relevant frequently asked questions. Understanding the basis of ‘Capi...
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Article explains Exemptions from paying Long term capital gain (LTCG) from sale of Residential House Property under Section 54 on Residential House Property sold by an individual or a HUF, Under Section 54EC on Any Land or building sold by any person and under Section 54GB on Residential House Property sold by an individual or […]...
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Shri Rajasugumar Subramani Vs ITO (ITAT Bangalore) -
Shri Rajasugumar Subramani Vs ITO (ITAT Bangalore) Provision in section 54F comes w.e.f. 01.04.2015 according to which it was clarified that the residential house is to be acquired only in India meaning thereby before this amendment it was not clear as to whether the benefit of section 54F can be given to residential house acquired [&hell...
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Abodh Borar Vs ITO (ITAT Delhi) -
The only issue in the appeal is the denial of deduction claimed by the assessee under section 54 and 54F of the Act. It is an undisputed fact that, firstly, the assessee has earned capital gain and has invested the same in purchase of a residential plot; secondly, the assessee has made a total investment of Rs.63,03,005/- which is more th...
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Kondamma Vs ITO (ITAT Bangalore) -
Once it is demonstrated that the consideration received on transfer has been invested either in purchasing a residential house or in construction of a residential house even though the transactions are not complete in all respects and as required under the law, that would not disentitle the assessee from the benefit under Section 54F....
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Shri Basheer Noorullah Khan Vs CIT(A) (ITAT Bangalore) -
Though assessee had not become owner of property in question because there was no registered sale deed executed by vendor, however, becoming the owner of the property in question was not required for the purpose of section 54/54F and, therefore, no deduction could be denied to assessee....
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Shri Shivakumar Kheny (HUF) Vs The Income Tax Officer (ITAT Bangalore) -
Requirement of section 54 in the second limb is that capital gain should be used in construction of residential house and nothing more. Assessee in the instant case was the owner of super-structure constructed by utilizing capital gain and it was clear from the lease deed by which land over which construction had been put up was given o...
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ACIT Vs. Akshya Sobti (ITAT Delhi) -
Booking of bare shell of a flat was a case of construction of house property and not purchase, and since construction had been completed within three years of sale of original asset, assessee was duly entitled to deduction under section 54....
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Shri Dharamchand Bafna Vs ITO (ITAT Bangalore) -
whether deduction u/s 54 can be denied if assessee initially purchased land with a view to put up construction but later changed his mind and instead, purchased a residential house?...
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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 54F. Section 54: Profit on sale of property used for residence: Capital gain arising on transfe...
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Ashok G. Chauhan Vs ACIT (ITAT Mumbai) -
Ashok G. Chauhan Vs Asst. CIT (ITAT Mumbai) In the present case, admittedly the flat at Goa was not fully and wholly owned by the assessee as the same was initially owned co-jointly in the name of assessee and his wife. Admittedly, it is nobody’s case that wife was benami of the assessee. Therefore, the […]...
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Venkata Dilip Kumar, Kartha-HUF Vs CIT (Madras High Court) -
Venkata Dilip Kumar,Kartha-HUF Vs CIT (Madras High Court) No doubt, Section 54 (2) contemplates that if the amount of the capital gain is not appropriated by the assessee towards purchase of new assets within one year before the date on which the transfer of original asset took place or which is not utilised by him […]...
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Smt. Parminder Kaur Bedi Vs ITO (ITAT Jaipur) (ITAT Jaipur) -
Accordingly when there was sufficient time with the assessee to complete the construction then the claim of the assessee that the house was constructed within a short period cannot be a reason for denial of the claim under section 54 of the Act....
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Dr. Jaya Narayan Naik Vs JCIT (ITAT Ranchi) -
whether AO is correct in holding that the assessee was not entitled exemption u/s.54 of the Act by rejecting the claim of the assessee to have deposited in capital gain deposit account?...
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Bhavin Piyushbhai Palkhiwala Vs ITO (ITAT Ahmedabad) -
Relinquishment deed was made in financial year 2008-09. Thus, if any tax was required to be levied, then the same was to be levied in assessment year 2009-10, i.e., next year. Hence, assessee was entitled to benefit under section 54....
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Mrs. 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 rejecting the case law relied on […]...
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Principal CIT Vs. Dipankar Mohan Ghosh (Delhi High Court) -
The issue under consideration is whether the exemption u/s 54 will be allowed if the reinvestment is made in residential property outside India?...
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ITO 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 to the […]...
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I.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. ...
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Vijay 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 scheme before the […]...
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Sh. 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 account scheme before the […]...
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ACIT Vs Seema Sobit (ITAT Delhi) -
Since the booking of bare shell of a flat was a construction of house property and not purchase, therefore, the date of completion of construction was to be looked into which was as per provision of section 54, therefore, AO was directed to allow benefit to assessee as claimed u/s.54....
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Shri Ram Narayan Vs ITO (ITAT Jaipur) -
Shri Ram Narayan Vs ITO (ITAT Jaipur) Conclusion: Since assessee purchased land through an agreement to sale which was unregistered and the payment was made in cash, therefore, in absence of sale deed, the unregistered agreement would not transfer any title to assessee of the agricultural land, accordingly, the claim of deduction under se...
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Kishorbhai Harjibhai Patel Vs ITO (Gujarat High Court) -
Once an agreement to sell is executed in favour of some person, the said person gets a right to get the property transferred in his favour and, consequently, some right of the vendor is extinguished. Therefore, the agreement to sell which had been executed on 13th August 2010 was considered as the date on which the property, i.e. the ...
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Bal Kishan Atal Vs ACIT (ITAT Delhi) -
Assessee was entitled to exemption under section 54 even if he had not taken possession nor the purchase deed had been executed within the period of three years because the delay in obtaining possession and getting purchase deed executed was on account of the developer and was by reason beyond the control of assessee. ...
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ACIT Vs Sandeep U Mehta (ITAT Mumbai) -
Assessee was entitled to exemption under section 54 on long term capital gain on sale of properties as the holding period of the asset should be considered from the date of acquisition of asset in the light of agreement to sale, but not from the date of possession of the property....
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Pr. CIT Vs Mr. Peter Savio Pereira (Bombay High Court) -
Pr. CIT Vs Mr. Peter Savio Pereira (Bombay High Court) The Tribunal notices that the assessee had received sale consideration partly in cash and partly in form of new flats to be constructed and to be allotted to the assessee. The Tribunal, therefore, correctly came to the conclusion that the assessee’s investment in such new [&hell...
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Ravi Jain Vs ACIT (ITAT Delhi) -
When an HUF’s residential house is sold, the capital gain should be invested for the purchase of only one residential house is an incorrect proposition. After all, the HUF property is held by the members as joint tenants. The members keeping in view the future needs in event of separation, purchase more than one residential building, it...
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Pr. CIT Vs Dilip Ranjrekar (Karnataka High Court) -
Pr. CIT Vs Dilip Ranjrekar (Karnataka High Court) In the instant case, the investment is made in a new property. The construction was not completed within a period of three years as narrated in section 54 of the Act. The delay was not because of the assessee, but beyond his control, since the construction was […]...
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ACIT Vs Ashwin S. Bhalekar (ITAT Mumbai) -
ACIT Vs Ashwin S. Bhalekar Beamon Chambers (ITAT Mumbai) Claim of the assessee that extinguishment of rights in the capital asset is a transfer of capital asset and capital gains and consequent allowance of claim of deduction under section 54 of the Act. The facts clearly show that the extinguishment of assessee’s right in Flat [&hell...
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Smt. Tupel Raja Iyengar Shakuntala Vs ITO (ITAT Bangalore) -
Assessee was entitled to claim long term capital gain exemption under section 54 on sale of property and the same could not be denied on the ground that income tax return was not filed declaring such income....
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Rajendra Pal Verma Vs ACIT (ITAT Mumbai) -
In the case before us was entitled to claim exemption u/s. 54 to the extent he had invested towards the purchase of the new residential property under consideration upto the date of filing of his revised return of income under Sec. 139(5) i. e. on 15. 11. 2014....
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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 […]...
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DCIT Vs Smt. Jennifer Chakraborty (ITAT Kolkata) -
The word held used in section 2(14) implies right over a capital asset. In the instant case, right over the property was held by assessee for the period of 36 months, by paying first installment and builder issued a provisional letter of allotment and from that period, assessee had been enjoying legal right over the said property. ...
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Kaushik D. Mistry Vs ITO (ITAT Mumbai) -
Kaushik D. Mistry Vs ITO (ITAT Mumbai) So far as the question of deduction u/s 54 is concerned, we find that the assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership rights. The conditions of Section 54 as well as Section […]...
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Shri Raghuram P Nambyar Vs ACIT (ITAT Bangalore) -
Assessee-wife was not entitled to claim and be allowed exemption under Section 54 and 54 EC on the basis that both assessee’s being husband and wife had suo motu offered rental income equally in their returns of income and their intentions were that said property was a joint property and both of them having equal share therein because ...
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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 […]...
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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. […]...
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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...
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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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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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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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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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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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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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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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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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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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Vembu Vaidyanathan Vs Pr. CIT (Bombay High Court) -
Vembu Vaidyanathan Vs Pr. CIT (Bombay High Court) During the course of assessment the Assessing Officer examined this claim and came to the conclusion that the gain arising out of sale of capital asset was a short term capital gain. The controversy between the assessee and the revenue revolves around the question as to when […]...
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Yatin Prakash Telang Vs ITO (ITAT Mumbai) -
Where assessee had purchased new residential house utilizing own funds lying in his saving bank account, deduction under section 54F could not be denied on the allegation that assessee did not utilize capital gains for investment purpose because source of utilization of fund is irrelevant for claiming benefit of deduction under section 54...
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Dashrath Ambalal Patel Vs ITO (ITAT Ahmedabad) -
Assessee is eligible for exemption u/s 54F for the amount invested beyond the prescribed period but before getting the property registered since there was sufficient reason, beyond the control of the assessee, which prevented the assessee from making investment within prescribed time....
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Non residents are liable to pay income tax on capital gains on sale of immovable property (land/ building / land or building both). If the period of holding of the capital asset is more than twenty four months, it will be taxed as long term capital gains and otherwise, it will be taxed as short […]...
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Kiranbhai Jamnadas Sheth (HUF) Vs ACIT (ITAT Rajkot) -
In absence of registered sale deed, the house boat purchased cannot be said as residential house and hence deduction u/s 54 cannot be allowed. Further The same cannot be equated with the residential house which is immovable property and hence deduction u/s 54 not allowed....
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Kiranbhai Jamnadas Sheth (HUF) Vs ACIT (ITAT Rajkot) -
Assessee was not entitled to capital gain exemption under section 54 for purchase of houseboat as the same could not be equated with the residential house which was immovable property....
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Gautam Jhunjhunwala Vs ITO (ITAT Kolkata) -
Agreement to sell old property and investment in new residential property within one year, whether to be claimed as exemption under section 54....
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Shri Sameer Vithalrao Ghanwat Vs ITO (ITAT Pune) -
Assessee is not entitled to the claim of deduction under section 54F of the Act as the assessee has failed to deposit the unutilized amount of capital gains in the capital gains scheme account by the date of filing of return of income....
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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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1. Standard deduction in respect of Salaried employees has been raised from Rs 40000 to Rs 50000: 2. Full tax rebate for individuals having taxable income upto Rs 500000 3. Increase in TDS threshold on interest on bank and post office deposits from Rs 10000 to Rs 40000 4. Section 54 Capital gain exemption now extends to two house propert...
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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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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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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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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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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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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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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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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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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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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...
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