Income Tax : The new law treats gains from depreciable assets as short-term capital gains for all purposes, not merely for computation. This ef...
Income Tax : Courts held that investment in under-construction property qualifies as construction under Sections 54/54F. Deduction cannot be de...
Income Tax : Courts held that exemption cannot be denied merely due to lack of registration if possession and substantial payment are proven. T...
Income Tax : The Finance Act 2023 introduced a 12.5% LTCG tax without indexation as an alternative to 20% with indexation. Taxpayers must compa...
Income Tax : Judicial rulings clarify that Section 54 focuses on timely investment of capital gains, not rigid legal ownership milestones. The ...
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 : The Delhi High Court held that additional documents already referred to in a criminal complaint can be filed later under Section 3...
Income Tax : The Tribunal held that for under-construction properties, the date of possession is the relevant factor for Section 54 exemption. ...
Income Tax : The tribunal held that selling only open land, even if earlier part of a residential property, does not qualify as transfer of a r...
Income Tax : The issue was denial of capital gains exemption due to claim under wrong section. The tribunal held that a genuine claim cannot be...
Income Tax : ITAT Chennai set aside the appellate order and remanded issues on protective addition, Section 54F exemption, and TDS credit misma...
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...
ITAT Pune held that as on the date of agreement, the building was not constructed, the date of possession will be considered as actual date of purchase for the purpose of claiming exemption under section 54 of the Income Tax Act.
ITAT Chennai held that exemption under section 54 of the Income Tax Act not allowable to the extent of non-deposit of unutilized amount in Capital Gain Account Scheme. Only proportionate exemption allowed.
Allotment letter by builder is date of acquisition of property as period of holding for determining whether capital asset is a long-term or a short-term
Section 54- Deduction on the capital gains arising from transfer of long term capital asset i.e. Residential House if an assessee with in period of one year or two years after the date on which transfer took place purchased any residential property or with period of three years after that date constructed any residential property in India Irrespective of any threshold limit.
As per the new section 50AA, the full value of the consideration received or accruing from the transfer, redemption, or maturity of a Market Linked Debenture will be deemed to be the capital gains arising from the transfer of a short-term capital asset.
Learn about the impact of Section 54/54F on founders of start-ups who sell equity & purchase residential houses with a limit of max. INR 10 cr. from April 2024
Take advantage of Section 54 of the Income Tax Act of India get tax exemptions on capital gains when you invest in a new residential property
It is proposed to impose a limit on the maximum deduction that can be claimed by the assessee under section 54 and 54F to rupees ten crore. It has been provided that if the cost of the new asset purchased is more than rupees ten crore, the cost of such asset shall be deemed to be ten crores. This will limit the deduction under the two sections to ten crore rupees.
Renu Ratnakar Bhattacharya Vs CIT (Appeals) (ITAT Mumbai) It is the case of the assessee that at the time of purchase of house property the assessee paid brokerage to the tune of Rs.2,50,000/- at the rate of 1% of the agreement cost of the new property to one Mr. Rajesh Mahendru. The assessee brought on […]
There is no evidence of any construction activity or of the fact that assessee has invested the proceeds in statutory deposits and then spent any proceeds of the sales consideration of two properties he had sold, into the construction over this plot. Thus the property in which part investments of capital gains was done continued to be plot for all purposes and intent, for the assessee in the period when construction was to atleast to be started, if not completed.
