Income Tax : Section 54B of Income Tax Act provides relief to individuals or HUF who have transferred their agricultural land and wants to inv...
Income Tax : Explore exemptions under capital gain with sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA. Eligibility, assets, limits, and lock-...
Income Tax : Explore capital gains tax exemptions under Income-tax Act sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G, 54GA, and 54GB. Learn rules...
Income Tax : The income tax department developed the idea of capital gain exemptions to address this problem. If we receive money from the sale...
Income Tax : Understand the provisions of section 54B of the Income Tax Act, 1961. Learn about the benefits and exemptions related to capital g...
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 : Detailed analysis of the ACIT vs Himanshu Garg case at ITAT Delhi regarding capital gains, section 54F exemption, and land sale co...
Income Tax : ITAT Jaipur directs AO to quash Assessment Order under section 143(3) of Income Tax Act as notice to deceased assessee is deemed i...
Income Tax : Bombay High Court ruling states that capital gain tax is not applicable on the transfer of shares as a gift. Detailed analysis and...
Income Tax : ITAT Ahmedabad held that amount received as confirming party on sale of right is considered as receipts on sale of capital asset a...
Income Tax : Learn from the Bombay High Court's judgment why actual agricultural activity isn't crucial in determining land as agricultural, im...
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
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.
