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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...
ITAT Mumbai held that exemption under section 54 for the amount invested towards the purchase of new residential property under consideration up to the date of filing of belated return under section 139(4) of the Income Tax Act.
ITAT Chennai held that capital gain exemption under section 54 of the Income Tax Act includes investment in purchase or construction of one or more than one residential house
Surinder Kumar Malhotra Vs ITO (ITAT Chandigarh) The relevant facts of the case are that qua the Long Term Capital Gain available to the assessee in the year under consideration deduction u/s 54 of the Act was claimed. The said claim was disallowed holding that the proceeds have been applied to acquiring two separate properties. […]
ITO Vs Shri Ramesh Kumar (HUF) (ITAT Bangalore) It should be kept in mind that the Hindu Law does not recognize a joint Hindu family or coparcenery as a juristic personality capable of holding property and as an entity separate from the members of the family. The true position in law is that all the […]
Section 54 does not put any rider that deduction in respect of investment in acquisition of land appurtenant to building will not quality for exemption.
Section 54 Capital gain exemption cannot be denied for claim under section 54F & non-filing of revised Income Tax return
Sections 54 and 54F of Income tax Act, 1961 contain the provisions for claiming the deduction relating to long-term capital gains on the sale of house property and other capital assets and reinvestment while purchasing of residential house property.
Section 54 Cost of new residential house includes cost of land construction materials labour & other cost of construction of residential house
Closer of capital gain account without NOC of AO, the broad provisions and compliance of law surpass the mere default in not taking prior permission of ITO before closer of account
In the present case the claim of deduction under section 54 of the Act is for a residential house built up on three adjacent contiguous plots. He further observed that the principle of multiple residential houses/units holds good till these units are in same physical location and contiguous to each other.
