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...
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 ...
Goods and Services Tax : Andhra Pradesh High Court held that notification no. 9 of 2022, Central Tax (Rate) is effective only from 18.07.2022 and hence ref...
Income Tax : ITAT held that the Allotment of New Flat did not fall within the scope of Section 56(2)(x), as the new flat was received in exchan...
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...
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.
Held that deduction u/s 54F is available against new residential house acquired outside India as provisions of section 54F doesn’t use the word ‘in India’.
Urmila Madhukar Ved Vs ITO (ITAT Pune) This appeal by the assessee emanates from the order passed by the CIT(Appeals)-7, Pune on 11-09-2019 in relation to the assessment year 2010-11. 2. The only issue raised in this appeal is against the denial of exemption u/s.54 of the Income-tax Act, 1961 (hereinafter also called ‘the Act’) […]
Assessee had purchased property in the name of married daughter, although she was divorced, but she was an independent for purpose of the Income Tax Act. Therefore, benefit of deduction under section 54 cannot be allowed, when property has been purchased in the name of married daughter
Smt. Ashaba Rajendrasinh Vs CIT (ITAT Rajkot) Ld. CIT(A) while rejecting the claim of the assessee observed that the assessee was mandatorily required to file the return of income for the year under consideration which he has failed to do. In that view of the matter the claim of deduction under section 54 has been […]
A person wanted to shift his residence due to certain reason, hence, he sold his old house and from the sale proceeds he purchased another house. In this case the objective of the seller was not to earn income by sale of old house but to acquire another suitable house.
Chain Singh Mundra Vs ITO (ITAT Chandigarh) In the instant case, the limited dispute relates to whether the assessee has transferred a residential house or not. On perusal of the Sale Deed executed by the assessee, it is noticed that what has been transferred is an industrial plot No.C-10 alongwith construction thereon situated at Sector […]
ITO Vs Sanika Avadhoot Shilotri (ITAT Mumbai) When the developer failed to provide original flat then it had offered another flat in the building which was to be constructed on a future date. When the assessee has booked the flat that property was not in existing and it was a property to be constructed in […]
Mathew Pradeep Francis Vs ACIT (ITAT Bangalore) In the instant case, we noticed that the assessee has made investment in acquiring new residential house property within the time given in section 54 of the Act and also within the time limit prescribed u/s 139(4) for filing revised return of income. Accordingly, following the binding decision […]
