Goods and Services Tax : Discover the significant GST budget amendments for 2024, including changes in levy provisions, demand recovery, ITC availment, and...
Income Tax : Learn about capital gains exemption on the sale of residential houses under Section 54 of the Income Tax Act, including conditions...
Income Tax : Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accura...
Income Tax : Discover how Section 54 & 54F exemptions extend beyond property owners to include spouses and legal heirs. Explore recent ITAT rul...
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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 Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for ...
Income Tax : ITAT Mumbai states holding period for capital gains should be computed from the allotment letter date, not the sale agreement regi...
Income Tax : Tribunal ruled that the relevant date for acquisition should be when the possession is handed over, not merely the agreement date....
Income Tax : ITAT held that agreement to sell coupled with possession constituted a valid transfer for the purposes of claiming deduction under...
Income Tax : ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the lo...
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...
Explore the nuances of Section 54 of the Income Tax Act, 1961, including amendments from the Finance Act, 2019. Learn how the provision allows claiming deductions for investing in residential houses, with insights into recent rulings clarifying the eligibility criteria.
Utilisation of capital gains within time specified would entitle assessee to claim deduction under section 54, notwithstanding fact that new asset was registered beyond period specified under section 54, which according to assessee was beyond her control and was to be liberally construed.
Late Smt. Kanta Chandak Vs ITO (ITAT Jodhpur) On merits, the ld. AR submitted that the issue raked up by Ld PCIT relate to the deduction claimed by these assessees u/s 54 of the Act, which was allowed by the AO in the original assessment proceedings. He submitted that these assessees could not furnish proper […]
Learn about section 54 of the Income Tax Act and how it can help individuals and HUFs claim exemptions for long-term capital assets.
Admittedly, the AO deployed Inspector to verify whether there is any construction/residential house constructed by the assessee. The Inspector submitted report on 19-12-2016 stating that no construction or residential house is existing at House No. 4, Ward No. 12, Ichalkaranji which clearly establishes the assessee could not construct a house within three years from the date of sale of its assets on 17-03-2011 till 19-12-2016. Therefore, the assessee made construction within three years and in my opinion, the AO rightly denied deduction u/s. 54F of the Act.
Assessee is entitled for exemption u/s 54 only in respect of one flat and directed the AO to exempt cost of investment in one flat made before due date of filing return of income
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 […]
