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...
ITAT Jaipur allows 54B exemption as full sale proceeds were reinvested; DLC value under sec 50C doesn’t affect exemption when actual consideration is reinvested.
The ITAT Ahmedabad has remanded a case to the AO to re-examine a taxpayer’s claim for a Section 54B deduction on capital gains from a contingent sale, noting that a critical escrow arrangement was not considered.
It was pertinent to note that assessee was an agriculturist and semiliterate person, not well versed with the income tax proceedings, therefore, it was the duty of AO to apprise him the correct position instead of putting an extra tax liability because of his ignorance.
The ITAT Ahmedabad set aside a reassessment order for Dalpat Baraiya, ruling that approval from the wrong authority invalidated the entire proceeding.
ITAT Ahmedabad held that exemption u/s. 54F and 54B of the Income Tax Act cannot be denied solely on the ground of non-adherence to strict time limits. Accordingly, the assessee is entitled to claim the deduction in respect of investments made beyond the prescribed time period.
Appellate Authority held assessee’s investment in construction subsequent to the date of sale and investment in the eligible project even after the project of the house was started beyond one year will be eligible for exemption under Section 54F.
ITAT Chandigarh held that deduction u/s 54B of the Income Tax Act, 1961 is not admissible if the new capital asset i.e. agriculture land is purchased in the name of wife of the assessee. Accordingly, appeal of assessee partly allowed.
This article explores how taxpayers can save Long-Term Capital Gains (LTCG) arising from the sale of agricultural land. Relevant Section for the purpose of Capital Gain exemption are Section 54B, Section 54F and Section 54EC, which we are going to discuss in this article.
ITAT Jaipur addressed tax deductions under Sections 54F & 54B in Kuldeep Singh Shekhawat vs. ITO, ruling on belated filings and capital gains exemptions.
ITAT Raipur held that exemption under section 54B of the Income Tax Act is allowable since pre-condition regarding usage of land for agricultural purposes in two years immediately preceding date of transfer is satisfied. Accordingly, appeal allowed.
