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...
If intention of Parliament was to include HUF prior to the said date then the amendment would have been carried out in respect of section 54B as well along with section 54. Therefore, amended provisions of section 54B were not applicable retrospectively and assessee-HUF was not entitled to exemption for the year under consideration.
Section 2(42A) – Reduction in holding period in case of immovable property, being land or building or both, to qualify as long term capital asset – Consequential amendments to be made in sections 54, 54B, 54D and 54F
Punjab & Haryana High court held in CIT vs Shri Dinesh Verma that exemption u/s 54B could be claimed for short term & Long term assets because there was no such provision u/s 54B which denies exemption for short term assets.
Appeal of the revenue stands allowed and only the cost of theland has to be considered for calculating exemption u/s 54B no other expenses will be taken into account. So ITAT disallowed the expenses of leveling and filing of land and set aside the order of CIT(A) and restore that of A.O on this issue.
It is noticed that the appellant-assess sold the agricultural land, which was mutated in his name, for a sale consideration of Rs. 1,61,09,100/-. Thereafter out of the selling price, the appellant-assessee purchased land in the name of his son and daughter-in-law for a total consideration of Rs. 1,22,71,440/-. It is relevant to note that the land sold was in the name of appellant-assessee, while the land purchased was in the name of his son and daughter-in-law.7. A bare reading of Section 54B of the Income Tax Act does not suggest that assessee would be entitled to get exemption for the land purchased by him in the name of his son and daughter-in-law.
