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Understand taxation of immovable property sale by non-residents with insights from Income Tax Department. Explore capital gains calculation, deductions, TDS requirements, and repatriation rules for a seamless property transaction.
Since the claim for refund could not be withheld merely because the Department, pursuant to the deposit, issued the SCN and was proposing to demand GST.
NCLT Ahmedabad held that the amount of TDS deducted under section 194-IA on assets sold during the process of liquidation should be returned (refunded) back by income tax department into the account of Corporate Debtor.
ITAT Delhi while quashing the revisionary order passed by the Ld. Pr.CIT held that, mere non-deposit in the capital gains scheme account cannot be the basis to deny deduction u/s 54/54F when the LTCG amount had duly been reinvested within the time allowed under 54(1) and that a hyper-technical/perfectionists point of view cannot the basis to assume revisionary jurisdiction.
Madras High Court held that refund cannot be denied as refund application under section 54(1) of CGST Act was made within a period of limitation, however, supportive documents were submitted at the time of personal hearing. Notably, the time limit fixed u/s. 54 (1) is directory in nature and it is not mandatory.
Explore tax-saving strategies while purchasing your first home. Learn how sections 54 and 54F of the Income Tax Act can optimize your capital gains. Consult with experts for personalized advice.
Explore the intricacies of Section 54F for capital gains deduction. Learn the conditions, time limits, and nuances to optimize your tax benefits on property sales.
Gujarat High Court held that initiation of penalty proceedings u/s 271(1)(c) of the Income Tax Act in the absence of any material to establish the concealing of income or furnishing inaccurate particulars unsustainable-in-law.
ITAT Mumbai denies capital gain exemption ( Section 54/54F) to Hem Chandra R. Gavankar for investing in a house in his wife and daughter’s name.
Learn about the ITAT Delhi ruling in Amrik Sokhi vs. ITO for A.Y. 2015-16, where the claim of capital gain deduction u/s 54 is restored for verification. Details here.
