Income Tax : A consolidated guide to Income-tax Act threshold limits for AY 2026-27 covering exemptions, deductions, TDS, TCS, compliance and p...
Income Tax : ITAT held that Section 54 exemption must be examined separately for each residential house sold. Aggregating gains from multiple t...
Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
Income Tax : This article examines conflicting judicial views on whether capital gains exemption is available when a new residential house is p...
Income Tax : Section 54 grants exemption on long-term capital gains from the sale of a residential house because the proceeds are reinvested in...
Income Tax : Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha I...
CA, CS, CMA, Income Tax : We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those represent...
Income Tax : KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act,...
Income Tax : All India Federation of Tax Practitioners (CZ) has requested CBDT that due date of filing return of income u/s 139(1) for all the ...
Income Tax : Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit R...
Income Tax : ITAT Kolkata condoned appeal delay, set aside the CIT(A)'s order, and remanded the assessment for fresh adjudication after grantin...
Income Tax : ITAT held that Section 54 permits exemption where capital gains from more than one residential house are invested in a single resi...
Income Tax : ITAT held that exemption under Sections 54/54F cannot be denied where sale proceeds are invested in a residential house within the...
Income Tax : The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restric...
Income Tax : The Tribunal held that the Assessing Officer exceeded the scope of limited scrutiny by treating capital gains as business income w...
CA, CS, CMA : The ICAI Disciplinary Committee reprimanded CA Jayant Ishwardas Mehta for professional misconduct involving an incorrect income t...
Income Tax : For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 m...
Income Tax : 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...
Income Tax : Notification No. 44/2012-Income Tax In exercise of the powers conferred by sub-section (2) of section 54, sub-section (2) of secti...
The Supreme Court held that assignment of a decree for specific performance does not create any present right or title in immovable property. Therefore, such assignment deeds do not require registration under Section 17(1)(e) of the Registration Act.
Breaks down eligibility, timelines, and recent caps, clarifying how Section 54 relief is granted and when it can be withdrawn.
The tribunal ruled that Section 54 benefits apply to property purchased abroad before AY 2015-16, reversing the prior disallowance. Cash deposits in bank accounts without business entries cannot be treated as unexplained credit.
Tribunal held that deduction under Section 54 depends on amount actually invested in a new property and not on ownership proportion. Assessing Officer’s restriction to 50% due to joint ownership was set aside, confirming relief for assessee.
Delhi High Court directed payment of ₹ 36.85 lakh plus interest after Income-Tax Department delayed acting on ITAT order on indexation for inherited asset of AY 2016-17.
Tribunal confirmed that incomplete construction does not cancel a transfer under section 2(47)(vi). The matter was remanded for proper computation of capital gains considering partial project completion.
ITAT upheld reopening of assessment but allowed Section 54 exemption, ruling that construction delay due to YEIDA’s possession issues was beyond assessee’s control and thus eligible for relief.
Delhi High Court held that 3621 days of delay in filing of an application for impleadment as legal heir allowed since matter came to the knowledge of legal heir only after the same was listed after nearly thirteen years. Accordingly, since reasonable and bonafide explanation provided, the delay in filing of impleadment application condoned.
Hyderabad ITAT found reassessment unsustainable where 54F exemption was already examined in earlier scrutiny. As no new evidence emerged, reassessment under Section 147 was declared void.
The Tribunal held that expenses incurred to make a newly purchased house habitable qualify as construction under Section 54 and are eligible for exemption.
