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section 54

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Capital Gains Exemption on Sale of Residential House under Section 54 of Income Tax Act

Income Tax : Learn about capital gains exemption on the sale of residential houses under Section 54 of the Income Tax Act, including conditions...

July 4, 2024 3297 Views 0 comment Print

Key changes and precautions taken in filing income Tax Return

Income Tax : Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accura...

July 2, 2024 1767 Views 0 comment Print

Sec 54 & 54F exemptions aren’t just for Property Owners: Here’s How you and your spouse/Legal Heirs can benefit

Income Tax : Discover how Section 54 & 54F exemptions extend beyond property owners to include spouses and legal heirs. Explore recent ITAT rul...

June 29, 2024 3957 Views 0 comment Print

Redevelopment of society – Tax implications

Income Tax : Understanding the tax implications of society redevelopment under the Indian Income Tax Act, covering aspects like capital gains, ...

May 29, 2024 3066 Views 0 comment Print

Key Features of Section 54 & 54F: LTCG Exemption via Residential Property Investment

Income Tax : Understand the key differences between Section 54 and Section 54F for LTCG exemption through investment in residential property. E...

May 22, 2024 2583 Views 0 comment Print


Latest News


Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date

Income Tax : Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha I...

January 20, 2023 10851 Views 0 comment Print

Representation to FM on Concerns of Chartered Accountants

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...

January 30, 2021 2832 Views 0 comment Print

Request to extend time limits under section 54 to 54GB

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,...

January 10, 2021 15459 Views 0 comment Print

Request for extension of due dates of Tax Audit Reports/ITR

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 ...

December 19, 2020 31167 Views 19 comments Print

ICAI requests for extension of various Income-tax due dates

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...

December 18, 2020 76254 Views 20 comments Print


Latest Judiciary


Section 54 deduction allowable on Cash Transaction of Residential Property Sale & Purchase

Income Tax : Section 54 deduction was allowable on cash transactions involving residential property as it was ensured that genuine investments ...

July 16, 2024 486 Views 0 comment Print

GST Interest Applies from Tax Due Date to Deposit in Electronic Cash Ledger

Goods and Services Tax : Explore the Gujarat High Court's judgment on CGST interest under Section 50, clarifying it's payable from deposit to electronic ca...

July 9, 2024 411 Views 0 comment Print

No Section 54F Exemption for Shed on Agricultural Land, Not Considered Residential House

Income Tax : Detailed analysis of the ACIT vs Himanshu Garg case at ITAT Delhi regarding capital gains, section 54F exemption, and land sale co...

June 13, 2024 4560 Views 0 comment Print

Madras HC Allows GST Refund for Export Services to foreign subsidiary

Goods and Services Tax : Madras High Court grants refund on exported services provided by Vuram Technology Solutions Pvt. Ltd. to its foreign subsidiary, c...

June 4, 2024 528 Views 0 comment Print

GST: Madras High Court Sets Aside Orders on Revision Petitions

Goods and Services Tax : Read the full judgment where Madras HC quashes GST demand order citing time-barred limitation in Super Recording Co. Ltd Vs Joint ...

June 4, 2024 366 Views 0 comment Print


Latest Notifications


Extension of time limit for compliance under section 54 to 54GB

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...

January 6, 2023 19797 Views 1 comment Print

Govt Extends due dates under Income Tax Law & Benami laws

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...

June 24, 2020 257655 Views 11 comments Print

Amendments to Capital Gains Accounts Scheme, 2012

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...

October 25, 2012 6318 Views 0 comment Print


Customs Act 1962: Telangana HC Rules Cargo Handling Regulations 2009 Ultra Vires

April 18, 2024 366 Views 0 comment Print

Explore the detailed analysis of Central Board of Excise and Customs vs. GMR Hyderabad International Airport Limited case where Telangana High Court held the ‘Handling of Cargo in Customs Areas Regulations, 2009’ as ultra vires of the Customs Act, 1962.

UPVAT: Section 54(1)(2) Penalty Not Imposable for Best Judgement Assessment: Allahabad HC

April 12, 2024 942 Views 0 comment Print

Allahabad High Court held that penalty under Section 54(1)(2) of the U.P. VAT Act, 2008 cannot be imposed in cases, wherein, the assessment is made on the basis of Best Judgement Assessment.

Change of Opinion Not Allowed, Section 54 Deduction to HUF for Property Purchase in Individual’s Name

April 9, 2024 6573 Views 0 comment Print

ITAT Ahmedabad ruling regarding Section 54 deduction to a Hindu Undivided Family (HUF) for property purchase in an individual’s name. The decision emphasizes the principle against allowing a change of opinion in reassessment proceedings, based on established legal precedents.

Exemption under capital Gain: Section 54, 54B, 54D, 54EC, 54F, 54G & 54GA

April 3, 2024 8715 Views 3 comments Print

Explore exemptions under capital gain with sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA. Eligibility, assets, limits, and lock-in periods analyzed.

Delhi HC Upholds Penalties under Customs Act for Gold Smuggled with mens-rea

March 31, 2024 414 Views 0 comment Print

Read the detailed analysis of the Delhi High Court judgment upholding penalties under Sections 112(a) & 112(b) of the Customs Act on Rameshwar Tiwari for smuggling gold.

Time Limit to Acquire New House for Section 54 Capital Gains Tax Exemption

March 31, 2024 70869 Views 0 comment Print

Delhi ITAT ruled that to claim capital gains benefit under Sec 54, taxpayers must acquire a residential house within three years from the date of old house transfer. Analysis of Mohan Lal Jain case.

Refund of ITC reversal permissible, once supplier pays GST on invoice: Delhi HC

March 29, 2024 1776 Views 0 comment Print

Delhi High Court ruled that refund of ITC reversal is permissible if supplier paid tax. Learn about the case of Pedersen Consultants India Pvt. Ltd. vs Union of India & Ors.

Jurisdiction assumed by AO at Mumbai invalid as assessee resided and carried profession at Bangalore: ITAT Mumbai

March 20, 2024 468 Views 0 comment Print

ITAT Mumbai held that assessee was residing as well as carrying on her profession at Bangalore and thus, assumption of jurisdiction by the AO at Mumbai was invalid. Thus, an order which is passed without jurisdiction is non est in the eyes of law.

Denial of exemption u/s. 54 due to mistake committed by developer unjustified: ITAT Mumbai

March 18, 2024 402 Views 0 comment Print

ITAT Mumbai held that denial of exemption under section 54 of the Income Tax Act unjustified as appellant cannot be penalized for the mistake committed by the developer/seller in allocating the flat. Thus, exemption u/s. 54 granted as all the conditions satisfied.

Transitional credit u/s. 140 admissible on unutilized ITC availed on purchase tax: Madras HC

March 11, 2024 366 Views 0 comment Print

Madras High Court held that valid ITC availed on purchase tax which remained unutilized is entitled for the transitional credit under section 140 of TNGST Act, 2017

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