Section 54B

Summary of section 54B of Income Tax Act, 1961

Income Tax - Briefing and summary of section 54B of the Income Tax Act, 1961 Wef AY 1970-71 Capital gain on transfer of land used for agricultural purposes not to be charged in certain cases. 54B. (1) (wef AY 1974-75)  Subject to the provisions of sub-section (2), (wef AY 1988-89) where the capital gain arises from the transfer of […]...

Read More

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 More

Exemption under section 54, 54B, 54D, 54EC, 54F, 54G & 54GGA

Income Tax - Taxation on Capital Gains in India (Fy 31.03.2022/Ay 2022-23) S. N. Under the head Section 54 Section 54B Section 54D Section 54EC Section 54F Section 54G Section 54GA 1 Nature of Assesse Individual / HUF ‘only’ Individual / HUF ‘only’ ‘All’ assesses All’ assesses Individual / HUF ‘only’ ‘All’ assesses ‘All’ asse...

Read More

Capital gains under Income Tax Act 1961

Income Tax - Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is long term capital gain....

Read More

Exemption from Capital Gain Tax | Complete Guide

Income Tax - This article focuses on the exemptions available to an assessee from capital gain tax under Income Tax Act, 1961. Any profit or gain arising from Transfer of Capital Asset (long term or short term) shall be chargeable under the head capital gain in the year of transfer. However, there are some exemptions on such capital […]...

Read More

Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date

Income Tax - Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha Industries Association has made a Representation against recent CBDT Circular No. 1/2023 Dated 06.01.2023 by which time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the ...

Read More

Representation to FM on Concerns of Chartered Accountants

Income Tax - We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry....

Read More

Request to extend time limits under section 54 to 54GB

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, 1961 (the Act). It is requested that various due dates for compliance and completion of specified actions under sections 54 to 54GB of the Act which falls between 20.03.2020 to 30.03.2021 (as against […...

Read More

Initiation of reassessment proceeding by mere putting a seal as approving statement not sufficient

Ashok Kumar Agarwal Vs ITO (ITAT Delhi) - ITAT Delhi held that by mere putting a seal as approving statement is not sufficient for initiation of reassessment proceedings u/s 147. It proves that approving authority has granted the approval in mechanical manner without application of mind and hence initiation of reassessment proceedings inval...

Read More

Section 54B of Income Tax Act being an exemption provision needs to be interpreted strictly

Sunil Kisanrao Bagul Vs ACIT (ITAT Pune) - ITAT Pune held that provisions of section 54B of the Income Tax Act being an exemption provision needs to be interpreted strictly. Accordingly, as land revenue record clinches that agricultural activity is not carried out on the impugned land, deduction u/s 54B not available....

Read More

Benefit u/s 54B not deniable on fact that property was valued as non-agricultural land for stamp paper

Vipin Kumar Vs ITO (ITAT Delhi) - Vipin Kumar Vs ITO (ITAT Delhi) ITAT Delhi held that benefit under section 54B of the Income Tax Act cannot be denied on mere fact that property was valued by the registered authority as a non-agricultural land for the purpose of stamp paper. Facts- The AIR information from sub registrar, Hapur Seco...

Read More

Section 54B exemption cannot be Denied for Agricultural Land Purchase in Wife’s Name

Ashok Kumr Vs ITO (ITAT Delhi) - ITAT held that deduction under Section 54B/54F of Act is available in cases where investments are made in property purchased in name of wife....

Read More

Invocation of section 263 justified as AO allowed deduction u/s 54B without necessary inquiry

Shri Ramanbhai Bholidas Patel Vs PCIT (ITAT Ahmedabad) - ITAT Ahmedabad held that invocation of provisions of section 263 of the Income Tax Act justified as AO allowed deduction u/s 54B without necessary inquiry about applicability of the same....

Read More

Extension of time limit for compliance under section 54 to 54GB

Circular No. 1 of 2023-Income Tax - (07/01/2023) - For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 may be completed on or before 31st March 2023....

Read More

Recent Posts in "Section 54B"

Initiation of reassessment proceeding by mere putting a seal as approving statement not sufficient

Ashok Kumar Agarwal Vs ITO (ITAT Delhi)

ITAT Delhi held that by mere putting a seal as approving statement is not sufficient for initiation of reassessment proceedings u/s 147. It proves that approving authority has granted the approval in mechanical manner without application of mind and hence initiation of reassessment proceedings invalid....

Read More

Section 54B of Income Tax Act being an exemption provision needs to be interpreted strictly

Sunil Kisanrao Bagul Vs ACIT (ITAT Pune)

ITAT Pune held that provisions of section 54B of the Income Tax Act being an exemption provision needs to be interpreted strictly. Accordingly, as land revenue record clinches that agricultural activity is not carried out on the impugned land, deduction u/s 54B not available....

Read More

Benefit u/s 54B not deniable on fact that property was valued as non-agricultural land for stamp paper

Vipin Kumar Vs ITO (ITAT Delhi)

Vipin Kumar Vs ITO (ITAT Delhi) ITAT Delhi held that benefit under section 54B of the Income Tax Act cannot be denied on mere fact that property was valued by the registered authority as a non-agricultural land for the purpose of stamp paper. Facts- The AIR information from sub registrar, Hapur Second in the case […]...

Read More

Section 54B exemption cannot be Denied for Agricultural Land Purchase in Wife’s Name

Ashok Kumr Vs ITO (ITAT Delhi)

ITAT held that deduction under Section 54B/54F of Act is available in cases where investments are made in property purchased in name of wife....

Read More

Invocation of section 263 justified as AO allowed deduction u/s 54B without necessary inquiry

Shri Ramanbhai Bholidas Patel Vs PCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that invocation of provisions of section 263 of the Income Tax Act justified as AO allowed deduction u/s 54B without necessary inquiry about applicability of the same....

Read More

ITAT allows Section 54B deduction to HUF on agricultural land purchased in Individual capacity

Ramdas Pandharinath Kale (HUF) Vs ITO (ITAT Pune)

HUF is owner of the said agricultural land though it is registered in the name of the coparcener, as the HUF is enjoying all the benefits of the said agricultural land....

Read More

Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date

Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha Industries Association has made a Representation against recent CBDT Circular No. 1/2023 Dated 06.01.2023 by which time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the ...

Read More
Posted Under: Income Tax | ,

Extension of time limit for compliance under section 54 to 54GB

Circular No. 1 of 2023-Income Tax 07/01/2023

For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 may be completed on or before 31st March 2023....

Read More

Deduction u/s 54B ineligible if land not used for agricultural purpose

Tushar Jagmohan Kamthe Vs ITO (ITAT Pune)

ITAT Pune held that deduction under section 54B of the Income Tax Act is available only if the land was used for agricultural purpose in the immediate two preceding years. in absence of the same, deduction u/s 54B ineligible....

Read More

Investment made in other’s name not eligible for exemption u/s. 54B

Daljit Singh Vs ITO (ITAT Chandigarh)

ITAT Chandigarh held that investment made in the name of the grandson is not eligible for exemption under section 54B of the Income Tax Act....

Read More

Browse All Categories

CA, CS, CMA (6,335)
Company Law (9,010)
Corporate Law (11,486)
Custom Duty (9,859)
DGFT (4,951)
Excise Duty (5,079)
Fema / RBI (5,442)
Finance (5,980)
Income Tax (44,891)
SEBI (4,849)
Service Tax (4,255)