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Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
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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...
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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...
Assessee was entitled to deduction under section 54F in respect of the entire value of all 50 residential flats receivable under the Joint Development Agreement. Prior to the amendment effective from 01.04.2015, exemption under section 54F could not be restricted merely because the investment was made in multiple residential units.
The guide explains Sections 54 to 54GB, showing how taxpayers can claim capital gains tax exemptions through reinvestment, subject to eligibility, timelines, limits, and compliance conditions.
Tribunal held that purchase of land outside the prescribed period does not automatically disqualify exemption on construction of a residential house. Construction expenditure incurred within the time limit prescribed under Section 54 may still qualify for deduction. The issue was remanded for verification of actual construction costs.
The Bangalore ITAT held that Section 54 relief cannot be denied when capital gains are invested in a new residential house before filing the return under Section 139(4). The Tribunal ruled that such investment satisfies the statutory requirement even without a prior deposit in the Capital Gains Account Scheme.
The Tribunal ruled that booking a residential flat and making substantial payments toward its acquisition can amount to a purchase for Section 54F purposes. Registration at a later date does not automatically defeat the exemption claim.
The Tribunal held that documents relating to the assessee were found during the search of another person. It ruled that proceedings could only be initiated under Section 153C, making the reassessment under Section 148 invalid.
The Tribunal accepted the assessee’s claim that the opening capital figure in the earlier ITR was wrongly reported due to omissions of FDRs and bank balances. Since the assets already existed in the preceding year, the addition under Section 68 was held unsustainable.
The Bombay High Court held that delayed IGST refunds beyond sixty days attract mandatory interest under Section 56 of the CGST Act. The Court ruled that refund claims could not be indefinitely withheld after appellate proceedings attained finality.
The Tribunal held that joint ownership alone cannot restrict Section 54 deduction where the entire source of investment for the new residential property originated from the assessee.
The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits when the investment was made within the prescribed time. Deduction was allowed despite non-delivery of possession.
