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 Delhi High Court upheld that exemptions under Sections 54 and 54F are applicable even if a reconstructed property contains multiple independent residential units.
Assessee claimed deduction under section 54F on the basis that the long-term capital gain earned from the transfer of tenancy/possessory rights was invested for the purchase of a residential flat.
Kerala High Court held that writ against provisional attachment order passed u/s. 5(1) of the Prevention of Money Laundering Act [PMLA] is not maintainable since efficacious alternative statutory remedy available. Accordingly, writ dismissed.
ITAT Ahmedabad held that exemption u/s. 54F and 54B of the Income Tax Act cannot be denied solely on the ground of non-adherence to strict time limits. Accordingly, the assessee is entitled to claim the deduction in respect of investments made beyond the prescribed time period.
ITAT Mumbai held that denial of exemption under section 54 of the Income Tax Act on account of non-utilization of consideration not justified as utilization done within extended time limit for making the investment under the TOLA. Accordingly, exemption u/s. 54 granted and appeal allowed.
Madras High Court held that search conducted by Directorate of Enforcement at Tamil Nadu State Marketing Corporation Ltd [TASMAC] under the Prevention of Money Laundering Act is lawful and cannot be termed as harassment.
Understand capital gains tax on jointly held properties in India. Learn about beneficial ownership, funding patterns, clubbing provisions, and Section 54 exemptions for co-owners.
ITAT Agra held that property purchased, being four shops at ground floor and one room at first floor, was predominantly commercial in nature and hence disqualifies for exemption under section 54 of the Income Tax Act. Hence, appeal dismissed.
Karnataka High Court held that absence of three persons straightaway rule out the agreement from the scope of intermediary services. Thus, refund granted as independent services provided qualifies as export of services u/s. 2(6) of IGST Act.
ITAT Delhi sets aside CIT(A) order, remanding Amit Gupta’s reassessment case for fresh review of Section 54F deduction and validity of Section 147 reopening
