Section 54B
Section 54B Exemption on Capital Gains from Transfer of Agricultural Land
Income Tax - The Articles discusses about Basic conditions, Exemption Under Section 54B of Income Tax Act, 1961 available to Individual and HUF against Capital Gain Arising from Transfer of Agricultural Land by investment of Capital Gain amount in another land or in Capital Gains Deposit Account Scheme....
Read MoreReduce 3 Year limit under section 54, 54B, 54D and 54F to 2 Years
Income Tax - Section 2(42A) - Reduction in holding period in case of immovable property, being land or building or both, to qualify as long term capital asset - Consequential amendments to be made in sections 54, 54B, 54D and 54F...
Read MoreAll about Section 54, 54B, 54D, 54g, 54GA, 54EC, 54G & 54GB
Income Tax - Article Explains all about Section 54, Section 54B, Section 54D, Section 54G/ 54GA in case of shifting to SEZ, Section 54EC, Section 54F and Section 54GB...
Read MoreNo penalty on disallowance of Deduction U/s. 54B claimed under a bona fide belief
Nitinkumar Desai Vs ACIT (ITAT Ahmedabad) - Where assessee after, investing capital gain in purchase of new agricultural land within prescribed time, harbored a bona fide belief that there was not any tax liability of capital gain and substantiated his explanation with relevant evidence, imposition of penalty under section 271(1)(c) was unjus...
Read MoreHUF is eligible for Exemption under section 54B only w.e.f. 1-4-2013
Ashok Kisan Bahirat (HUF) & Anr Vs ITO (ITAT Pune) - If intention of Parliament was to include HUF prior to the said date then the amendment would have been carried out in respect of section 54B as well along with section 54. Therefore, amended provisions of section 54B were not applicable retrospectively and assessee-HUF was not entitled to exempti...
Read MoreSec 54B exemption cannot be denied for Investment made in Spouse name
Shri Laxmi Narayan Vs Commissioner of Income Tax (Rajasthan High Court) - On the ground of investment made by the assessee in the name of his wife, in view of the decision of Delhi High Court in Sunbeam Auto Ltd. and other judgments of different High Courts,the word used is assessee has to invest it is not specified that it is to be in the name of assessee....
Read MoreExemption U/s. 54B for investment / document Registration in spouse name allowable
Mahadev Balai Vs. ITO (Rajasthan High Court) - In all these appeals common question of law and facts are involved hence they are decided by this common judgment....
Read MoreExemption U/s. 54B on Sale of agricultural land available even if land is cultivated for a part of year during two immediately preceding years
Majid Khan Nisar Khan Vs ITO (ITAT Pune) - Majid Khan Nisar Khan Vs ITO (ITAT Pune) Revenue records clearly show that there was cultivation on the land. In so far as determination of two years period is concerned, the period of two is to be determined from date of sale and not the immediately two preceding financial years. The date of sale o...
Read MoreRecent Posts in "Section 54B"
No penalty on disallowance of Deduction U/s. 54B claimed under a bona fide belief
Nitinkumar Desai Vs ACIT (ITAT Ahmedabad) -
HUF is eligible for Exemption under section 54B only w.e.f. 1-4-2013
Ashok Kisan Bahirat (HUF) & Anr Vs ITO (ITAT Pune) -
Section 54B Exemption on Capital Gains from Transfer of Agricultural Land
Sec 54B exemption cannot be denied for Investment made in Spouse name
Shri Laxmi Narayan Vs Commissioner of Income Tax (Rajasthan High Court) -
Exemption U/s. 54B for investment / document Registration in spouse name allowable
Mahadev Balai Vs. ITO (Rajasthan High Court) -
Exemption U/s. 54B on Sale of agricultural land available even if land is cultivated for a part of year during two immediately preceding years
Majid Khan Nisar Khan Vs ITO (ITAT Pune) -
Reduce 3 Year limit under section 54, 54B, 54D and 54F to 2 Years
All about Section 54, 54B, 54D, 54g, 54GA, 54EC, 54G & 54GB
Exemption u/s 54B can be claimed for long term & short term assets; land purchased has to be in the name of assesse
CIT Vs Shri Dinesh Verma (Punjab & Haryana Court High Court) -
Investment for Leveling and filling of new agriculture land cannot be Claimed as exemption U/s 54B
A.C.I.T. Vs Smt Sudha Jajodia (ITAT Kolkatta) -
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