Goods and Services Tax : Discover the significant GST budget amendments for 2024, including changes in levy provisions, demand recovery, ITC availment, and...
Income Tax : Learn about capital gains exemption on the sale of residential houses under Section 54 of the Income Tax Act, including conditions...
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...
Income Tax : Discover how Section 54 & 54F exemptions extend beyond property owners to include spouses and legal heirs. Explore recent ITAT rul...
Income Tax : Understanding the tax implications of society redevelopment under the Indian Income Tax Act, covering aspects like capital gains, ...
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 Bangalore held that imposition of penalty under section 271D of the Income Tax Act unwarranted as reasonable cause shown for ...
Income Tax : ITAT Mumbai states holding period for capital gains should be computed from the allotment letter date, not the sale agreement regi...
Income Tax : Tribunal ruled that the relevant date for acquisition should be when the possession is handed over, not merely the agreement date....
Income Tax : ITAT held that agreement to sell coupled with possession constituted a valid transfer for the purposes of claiming deduction under...
Income Tax : ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the lo...
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...
In absence of registered sale deed, the house boat purchased cannot be said as residential house and hence deduction u/s 54 cannot be allowed. Further The same cannot be equated with the residential house which is immovable property and hence deduction u/s 54 not allowed.
Assessee was not entitled to capital gain exemption under section 54 for purchase of houseboat as the same could not be equated with the residential house which was immovable property.
Budget 2019 can be said as a boon to middle class tax payers if they plan their tax well in advance. The budget has brought some major changes to small tax payers , salaried tax payers and also a has some favourable impact on real estate sector in view of changes in house property income […]
1. Standard deduction in respect of Salaried employees has been raised from Rs 40000 to Rs 50000: 2. Full tax rebate for individuals having taxable income upto Rs 500000 3. Increase in TDS threshold on interest on bank and post office deposits from Rs 10000 to Rs 40000 4. Section 54 Capital gain exemption now extends to two house properties (Once in a life time):
This interim budget as expected intends to harvest good votes in the election season and has therefore proposed various beneficial proposals for small tax payers It proposes various provisions which are beneficial for the owners of property. Let us discuss. Enhancement for limit on TDS on rent The Finance Minister (FM) has proposed to enhance […]
Unbelievable change in budget 2019 about tax saving on sale of Residential house property under Section 54 of Income Tax Act, 1961.Inter Budget 2019 has proposed rollover of capital gains under Section 54 of the Income Tax Act from investment in one residential house to two residential houses for a taxpayer having capital gains up […]
Finance Bill,2019 has proposed amendments to Standard deduction, Notional Income of two self-occupied property, Interest on capital borrowed for acquisition / construction of two self occupied House properties, Exemption under Section 54, Interest on capital borrowed for acquisition / construction of two self occupied House properties, Tax Rebate under Section 87A for Taxable Income up […]
While presenting interim Budget 2019-20 Finance Minister proposed to increase the benefit of rollover of capital gains under Section 54 of the Income Tax Act from investment in one residential house to two residential houses for a taxpayer having capital gains up to Rs. 2 crore. This benefit can be availed once in a life […]
Assessee is not entitled to the claim of deduction under section 54F of the Act as the assessee has failed to deposit the unutilized amount of capital gains in the capital gains scheme account by the date of filing of return of income.
ACIT Vs. Shri Dilip Ranjrekar (ITAT Banaglore) It is apparent from the facts of the case as mentioned (along with copies of corroborative documentary evidence) and discussed above from para 7.1 to 4.4.3 of this order (Supra) that the non completion of the construction the flat by the builder within the stipulated period is beyond […]
