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 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 : ITAT Bangalore held that the assesse is entitled to claim deduction u/s. 54 of the Act if the assesses able to establish the fact ...
Goods and Services Tax : Jharkhand High Court held that rejection of refund of statutory pre-deposit merely because refund application was filed beyond sec...
Goods and Services Tax : The petitioner is inter-alia, engaged in the manufacture and sale of edible oil. According to the petitioner, the rate of tax on o...
Goods and Services Tax : Bombay High Court held that registered person making a zero rated supply under LUT may claim refund of unutilized credit including...
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...
Ramaiah Harish Vs ITO (ITAT Bangalore) It was held that an independent building can have a number of residential units and it will not lose the character of one residential house.
Article deals with Exemption from Long Term Capital Gain Tax under Section 54, 54EC, 54F of Income Tax Act, 1961. Article explains on Sale / Purchase of which Asset under which section exemption is eligible, condition for such exemption, Quantum of Deduction and Exceptions to Exemption under Section 54, 54EC, 54F of Income Tax Act, […]
Avtar Krishen Jalla Vs ITO (ITAT Delhi) As per the provisions of Section 54, the assessee has to utilize the amount deposited in the capital gain account for the purpose of purchase or construction of the new asset within the specified time for availing the benefit of capital gain. Here the assessee has made payments […]
This question come in the minds of many how to save tax when we sale or transfer residential house property and then invest those amount to buy any other asset. Income tax provides tax exemptions to individual or HUF who sold his old house and from the sale proceeds he purchased another house. Under Section […]
DATE WHICH IS RELEVENT FOR THE PURPOSE OF CLAIMING EXEMPTION UNDER SECTION 54 OF INCOME TAX ACT 1961 For claiming Exemption under section 54 of Income Tax Act 1961 following conditions are required to be fulfilled: 1. The assessee has sold a residential house property. 2. He has purchased another house property before one year […]
As we all are aware that both Section 54 & Section 54F deal in investment in house property on sale of residential house or any asset other capital asset. There are certain similarities and differences between both these sections which are narrated below for easy understanding and shall be useful for everyone who is interested in this topic.
Sudeep Chandra Vs ITO (ITAT Hyderabad) Cost of acquisition is the price paid by the assessee for the purchase of the house and also the expenditure towards the repairs made by him to make the house habitable and no other expenditure is to be allowed u/s 54 of the Act. As regards the details of […]
Deduction u/s 54 of the Act. Can be claimed as per law even construction of the house has not been completed and not occupied by the assessee Addition of Rs. 300000.00 on account of disallowance of deduction u/s 54 The assessee has shown income from Long Term capital gain from sale of property at Ambala […]
Dipal Suresh bhai Patel Vs ITO (ITAT Ahmedabad) The case of the Revenue is this that the unutilized amount of sale consideration since not deposited in the capital gain account within the time limit prescribed under Section 139 of the Act, benefit of claim of capital gain under Section 54F cannot be extended to the […]
K.S. Hanumantha Rao Vs PCIT (ITAT Bangalore) According to the CIT, the assessee was not entitled to claim for deduction u/s 54 of the I.T.Act amounting to Rs.48,81,963 for the investment made in new asset, since the investment in the new asset was made one year prior to the date of sale of the original […]
