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 : 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 ...
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 : 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...
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 […]
Y. Manjula Reddy Vs ITO (ITAT Bangalore) The next impediment in the minds of the tax authorities was that the plot was purchased jointly in the name of the assessee and her husband and hence it should be held that both held 50% right each and hence the assessee could have purchased only her husband’s […]
Hiren Himmatsingh Rathod Vs ITO (ITAT Ahmedabad) It is a fact that the assessee had incurred the cost for making the new property inhabitable before taking over possession of the same but considering the provision of the act we do not find any embargo in granting relief to the assessee under Section 54 of the […]
The passport to derive benefit under sec. 54F(1) is investment in construction of property within the period required u/s 54(1)F or to invest in residential property within the stipulated time for enabling deduction under section 54F of the Act.
1. WHAT IS SECTION 54? As we all know that on selling or transferring a capital asset like property, capital gains arise which are taxable in the hands of the assessee/ taxpayer. Under Section 54 of the Income Tax Act, an individual or HUF selling a residential house property can claim exemption from such capital […]
There is nothing in Section 54/54F which specify that the residential house should be constructed in a particular manner. Any person will construct his house according to his need and on the basis of future requirements.
ITAT Mumbai held that for claiming exemption under section 54 Date on which possession is by the Assessee should be taken as the date of purchase and further section only require Assessee to purchase/Construct a residential house within the specified period and source of funds is quite irrelevant.
Taxation on Capital Gains in India (Fy 31.03.2022/Ay 2022-23) S. N. Under the head Section 54 Section 54B Section 54D Section 54EC Section 54F Section 54G Section 54GA 1 Nature of Assesse Individual / HUF ‘only’ Individual / HUF ‘only’ ‘All’ assesses All’ assesses Individual / HUF ‘only’ ‘All’ assesses ‘All’ assesses 2 Nature of […]
ACIT Vs Vinay Girish Bajpai (ITAT Mumbai) Assessee claimed that he has complied with all the requirements of claiming exemption/deduction under section 54 of the IT Act. He submitted that assessee has made the payment to the builder within the stipulated time. There was some issue of obtaining the completion certificate by the builder. Hence, […]
In our considered view, the date of allotment is relevant for the purpose of computing holding period and not the date of registration of conveyance deed as held by the Hon’ble Jurisdictional High Court of Delhi in the case of K. Ramakrishnan 48 com 55
