Income Tax : A consolidated guide to Income-tax Act threshold limits for AY 2026-27 covering exemptions, deductions, TDS, TCS, compliance and p...
Income Tax : ITAT held that Section 54 exemption must be examined separately for each residential house sold. Aggregating gains from multiple t...
Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
Income Tax : This article examines conflicting judicial views on whether capital gains exemption is available when a new residential house is p...
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...
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 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...
Bombay High Court held that rejection of refund application without granting an opportunity of hearing is contrary to the proviso to Rule 92(3) of the CGST Act and hence rejection order is liable to be set aside.
Explore the nuances of Capital Gain Tax Exemption on jointly owned property in India. Understand statutory provisions under Section 54 and Section 54F, judicial pronouncements, and salient features for tax-savvy property transactions. Stay informed to optimize your tax benefits.
ITAT Delhi held that as per partnership deep, partners shall be entitled to interest on their loan accounts with the firm at the prescribed rates, hence disallowance of the same is unjustified.
Capital gain tax is a tax levied by the government on the profit earned from the sale or transfer of a capital asset. A capital asset refers to any property or asset that is owned by an individual or business, such as real estate, stocks, bonds, mutual funds, and so on.
There are certain cases where the transaction in its entirety starting from the sale of the original asset till the purchase or construction of the new assets is called into question as a colourable transaction done with the sole purpose of evasion of capital gain tax.
If you are planning to purchase a new flat, there are various ways to save tax under the Income Tax Act. In this article, we will discuss some of the most common ways to save tax on the purchase of a new flat.
ITAT held that acquisition of new house in wife’s name would not jeopardise Section 54 exemption claim of assessee as sale proceeds is utlised for construction of house property
Unravel the intricacies of Capital Gains Exemptions under Sections 54, 54F, and 54EC in India. Learn the criteria, timelines, and distinctions for optimal tax planning.
Advocate for the extension of Section 54F benefits to joint ownership with spouses and joint home loans. Explore a case study where exemption is denied, understand the issues, and review relevant case laws. Encourage joint property ownership for socio-economic empowerment. Call for clarity from the tax authorities to prevent litigations and provide relief to taxpayers facing genuine hardships under beneficial provisions like Section 54F.
Section 54F(4) attracts only to a case where sale consideration is not utilized for purchase/ consideration of a house. It has no application to a case where assessee invests sale consideration derived from transfer in purchasing/ constructing residential house within 2 years/ 3 years of date of transfer.
