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Section 54B

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Exemptions from Capital Gains: A Comprehensive Guide

Income Tax : Explore capital gains tax exemptions under Income-tax Act sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G, 54GA, and 54GB. Learn rules...

October 27, 2023 11904 Views 1 comment Print

Capital Gains Exemptions [Section 10(37), 54, 54B, 54D]

Income Tax : The income tax department developed the idea of capital gain exemptions to address this problem. If we receive money from the sale...

July 1, 2023 3786 Views 2 comments Print

Summary of section 54B of Income Tax Act, 1961

Income Tax : Understand the provisions of section 54B of the Income Tax Act, 1961. Learn about the benefits and exemptions related to capital g...

November 2, 2022 3969 Views 0 comment Print

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...

June 4, 2022 357942 Views 17 comments Print

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...

February 18, 2022 27777 Views 0 comment Print


Latest News


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 I...

January 20, 2023 10518 Views 0 comment Print

Representation to FM on Concerns of Chartered Accountants

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...

January 30, 2021 2787 Views 0 comment Print

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,...

January 10, 2021 15336 Views 0 comment Print


Additional disallowance without converting limited scrutiny to complete scrutiny unsustainable

August 31, 2023 609 Views 0 comment Print

ITAT Bangalore held that disallowance of deduction claimed u/s 54F unjustified as no steps were taken to convert the limited scrutiny into complete scrutiny. Accordingly, disallowance deleted.

No Section 54B Exemption for Agricultural Land Bought in Son/Daughter-in-law’s Name

July 21, 2023 891 Views 0 comment Print

ITAT Pune held that exemption under section 54B of the Income Tax Act based on new agricultural land bought in the name of the son and daughter-in-law and not in the name of the assessee is not allowable.

Capital Gains Exemptions [Section 10(37), 54, 54B, 54D]

July 1, 2023 3786 Views 2 comments Print

The income tax department developed the idea of capital gain exemptions to address this problem. If we receive money from the sale of capital assets, we have the choice to deposit it in our CGAS account before filing our income tax return or before the return’s due date, which is typically July 31st.

Capital Gain Tax without Adjusting Cost of Acquisition – HC directs appellant to file Appeal with CIT(A)

June 16, 2023 630 Views 0 comment Print

Detailed look into Delhi High Court’s ruling in Om Parkash Vs ITO case regarding taxation on agricultural land sale without adjusting cost of acquisition

Deduction u/s 54B allowable even if nature of land converted to non-agriculture just before transfer

June 14, 2023 1395 Views 0 comment Print

ITAT Surat held that deduction under section 54B duly allowable in case the nature of land was converted from agriculture to non-agriculture purpose just before transfer of land.

Exemption u/s 54B is available to HUF with effect from 1st April 2013

June 13, 2023 1119 Views 0 comment Print

ITAT Delhi held that post amendment by Finance Act, 2012 which is effective from 1st April 2013, the exemption u/s 54B of the Income Tax Act is also available to HUF.

Exemption u/s 54B not available when property not purchased in name of assessee

May 27, 2023 1266 Views 0 comment Print

ITAT Chandigarh held that exemption under section 54B of the Income Tax Act is not available when property was not purchased in the name of the assessee.

Section 54B Exemption on payment for purchase of land against advance received

April 26, 2023 2484 Views 0 comment Print

Inderjit Singh Mann Vs ACIT (ITAT Chandigarh) The assessee has filed copy of the sale deed dated 19.2.2009 in the paper book in which it is specifically mentioned that assessee received various advances from the purchasers on different dates in the year 2007 before execution of sale deed. According to the chart prepared by the […]

Section 54B exemption eligible on Agricultural Property purchased against Advance of Agricultural Property Sale

April 23, 2023 1044 Views 0 comment Print

Assessee should be allowed benefit of deduction under section 54B of Act since purchase in new property has been made out of advances received towards sale of agricultural properties held by assessee.

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

March 18, 2023 993 Views 0 comment Print

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.