#section 54
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811 articlesIncome Tax
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Relevant date for allowing benefit U/s. 54 /54F
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Deduction u/s 54F available on residential house irrespective of size of house used as residence or by whom it is being resided
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Income Tax
Section 54F cannot be denied if Assessee was not exclusive owner of more than one property at the time of Transfer
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Income Tax
S.54 Exemption on advance to builder- Non completion of construction & transfer of title
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If substantial amount for new property is paid, exemption u/s 54 is available even if actual construction is not completed
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Income Tax
Penalty u/s 271(1)(c) leviable for failure to prove genuineness of exemption u/s 54
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Income Tax
Advances paid for purchase of assets would amount to utilization of capital gains u/s 54G- SC
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No deduction u/s 54 is allowed where assessee has constructed a house prior to the date of transfer of original house
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Income Tax
Section 54- Even provisional letter of flat allotment is capital asset
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Income Tax
Sec. 54F exemption for deposit in saving a/c instead of capital gain a/c scheme
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Capital Gain – Tips to save tax on Transfer of Assets
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View taken in one case should be followed by department in respect of Filing of Appeals on similar issues
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Section 54 places thrust on investment & not on completion
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Income Tax
