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 : Explore the latest exemptions, deductions and allowances available under the Income-tax Act for AY 2026-27. The guide covers salar...
Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
Income Tax : Learn the eligibility, investment conditions, exemption limits, timelines, and withdrawal provisions for capital gains exemptions ...
Income Tax : Section 54B grants capital gains tax exemption when proceeds from the sale of agricultural land are reinvested in another agricult...
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 : ITAT held an assessment passed after the taxpayer's death was invalid in law, quashed the order, and treated all remaining issues ...
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 Madras High Court held that the tax authorities failed to examine the assessee's request to consider exemption under the corre...
Income Tax : The ITAT Bangalore condoned a 252-day delay after finding that the assessees legal representatives had shown sufficient cause aris...
Income Tax : The ITAT Ahmedabad held that the assessee was entitled to deduction under Section 54B after the Assessing Officer, in a remand rep...
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...
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 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 may be completed on or before 31st March 2023.
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.
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.
Understand the provisions of section 54B of the Income Tax Act, 1961. Learn about the benefits and exemptions related to capital gains on transfer of agricultural land.
Where assessee did not raised claim for deduction under section 54B while filing the returns of income filed u/s 139(1) and u/s 148 but in appellate proceedings raised the same then such claim was allowable.
Legislature has nowhere incorporated that the lands re-purchased in section 54B deduction claim have to be agricultural on re-investment date
An assessee can purchase an asset or a part thereof in the name of his wife but he would not be entitled then to the benefit of Section 54B.
Term two years has been interpreted to mean that not during the whole period of two years, even if the land is used for some days in the earlier year, it would be sufficient for compliance of provisions of section 54B
DCIT Vs Indranil Sanjaybhai Rajyaguru (ITAT Rjakot) It is an undisputed fact that when the initial payment of Rs. 12.15 crores has been made for purchase of the new asset that too more than the amount of capital gain to the tune of Rs. 2.90 crores before the due date of filing of the return […]
