Income Tax : Learn key tax rulings on Section 54/54F exemptions for property sales, including land size, appurtenant land, property use, and ag...
Finance : Understand real estate tax changes post-Budget 2024, including LTCG tax reduction, removal of indexation benefits, and rollover pr...
Income Tax : Learn how recent amendments to Section 112 of the Income Tax Act impact capital gains tax, including indexation rollback and new t...
Income Tax : 1. Further to the article Capital Gain Tax Exemption on Residential Property: Land Mark Judgment PART A, This article delves into ...
Income Tax : Explore landmark judgments on capital gain tax exemptions under Sections 54 and 54F of the Income Tax Act. Key highlights from ITA...
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 : Delhi High Court held that once addition on the basis of which reasons recorded for reopening of assessment under section 147 of t...
Income Tax : ITAT Indore deleted Rs. 70.13 lakh investment addition, ruling source of funds sufficiently explained, overturning part of CIT(A) ...
Goods and Services Tax : The petitioner raised bills on respondent No.4 based on the works executed from time to time, TDS @ 2% on the total value of the b...
Goods and Services Tax : In W.P.No.6541 of 2022, the petitioner has challenged the Circular No.125/44/2019 dated 18.11.2019 issued by the third respondent ...
Income Tax : ITAT Mumbai dismisses ITO's appeal against Pamela Pritam Ghosh, upholding Section 54 exemption for property purchase in Australia ...
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...
Capital gain tax is a tax levied by the government on the profit earned from the sale or transfer of a capital asset. A capital asset refers to any property or asset that is owned by an individual or business, such as real estate, stocks, bonds, mutual funds, and so on.
There are certain cases where the transaction in its entirety starting from the sale of the original asset till the purchase or construction of the new assets is called into question as a colourable transaction done with the sole purpose of evasion of capital gain tax.
If you are planning to purchase a new flat, there are various ways to save tax under the Income Tax Act. In this article, we will discuss some of the most common ways to save tax on the purchase of a new flat.
ITAT held that acquisition of new house in wife’s name would not jeopardise Section 54 exemption claim of assessee as sale proceeds is utlised for construction of house property
Unravel the intricacies of Capital Gains Exemptions under Sections 54, 54F, and 54EC in India. Learn the criteria, timelines, and distinctions for optimal tax planning.
Advocate for the extension of Section 54F benefits to joint ownership with spouses and joint home loans. Explore a case study where exemption is denied, understand the issues, and review relevant case laws. Encourage joint property ownership for socio-economic empowerment. Call for clarity from the tax authorities to prevent litigations and provide relief to taxpayers facing genuine hardships under beneficial provisions like Section 54F.
Section 54F(4) attracts only to a case where sale consideration is not utilized for purchase/ consideration of a house. It has no application to a case where assessee invests sale consideration derived from transfer in purchasing/ constructing residential house within 2 years/ 3 years of date of transfer.
Mukkamala Srihari Rao Vs ACIT (ITAT Ranchi) Whether the sale consideration received by a person from sale of capital asset if applied in the name of his wife or son for purchasing/constructing residential house whether the assessee can claim deduction u/s. 54F or 54 of the Act?. From going through the decision(s) relied on by […]
ITAT Delhi held that as per provisions of section 207 of the Income Tax Act, an individual resident of 60 years or more and not having income chargeable under the head ‘profit and gains’ of business or profession is not required to pay the advance tax.
Learn about Section 54 exemption from capital gains tax on the sale of a house property as per the Finance Act 2023. Understand eligibility, conditions, limits, consequences, and revocation of the exemption.
