section 54EC
Tax on Sale of Under Construction Property, Indexation & Benefit U/s. 54 / 54EC
Income Tax - Whether the Right to own the Property is a Capital Asset? What is a capital asset is defined in section 2(14) of the I.T. Act, 1961. Under that provision, a capital asset means property of any kind held by an assessee, whether or not connected with his business or profession. The other sub-clauses which deal with what property is not incl...
Read MoreTax benefit under section 54EC on long term capital gain
Income Tax - The benefit under section 54EC can be availed of only if there is an income from a capital asset, being long-term in nature. Long-term capital gains are the profit that a person makes when he sells any capital asset (wef A.Y 2019-20, the said long term capital asset shall be land or building or both) which he has held for a period excee...
Read MoreCapital Gain on Real Estate Transactions
Income Tax - Introduction- The topic of taxation of capital gains on real estate transaction under the income tax act is live and ever interesting topic from point of view of all concerned with such taxation. This is one set of provisions in the Act which has raised maximum number of issues of interpretation. In the recent years several amendments ...
Read MoreExemption under Section 54, 54EC & 54F -FAQs & case laws
Income Tax - Article Explains Exemption / Deduction under Section 54, Section 54EC & Section 54F of Income Tax Act, 1961 with FAQs and Case Laws. It explains regarding Capital Gain Account Scheme, deduction on multiple sales & purchases of residential houses, capital gains arising from sale of more than one house...
Read MoreAll about Section 54, 54B, 54D, 54F, 54GA, 54EC, 54G & 54GB
Income Tax - Article Explains all about Section 54, Section 54B, Section 54D, Section 54G/ 54GA in case of shifting to SEZ, Section 54EC, Section 54F and Section 54GB...
Read MoreRaise Section 54EC Capital gains exemption limit to Rs. 1 Crore: ICAI
Income Tax - In furtherance of the existing proviso to section 54EC, a new proviso has been inserted to clarify that the investment made by an assessee in the long-term specified asset, from capital gains arising from transfer of one or more original assets,...
Read MoreICAI suggests Certification of deductions claimed U/s. 54, 54F, 54EC etc
Income Tax - At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be ruled out....
Read MoreReduction in Coupon Rate on 54EC Bonds from 6% P.A. to 5.25% P.A.
Income Tax - Application Money to be credited in NHAI’s Collection Accounts on or after 1st December 2016 will be 5.2 5% P.A. till maturity of bonds...
Read MoreAssessee cannot claim exemption U/s. 54F and 54EC for investment made by spouse
Shri Raghuram P Nambyar Vs Asst. Commissioner of Income Tax (ITAT Bangalore) - These are appeals filed by two assessees who are wife and husband. One appeal in IT(IT)A No.12/Bang/2014 is by Smt.Veena Nambyar directed against the order passed by the CIT (Appeals) -4, Bangalore dt.20.2.2014, in respect of the order of assessment passed. 143(3) of the Income Tax Act, 1961 (in sho...
Read MoreSection 54EC exemption cannot be claimed on Sale consideration of Property seized by IT Dept.
Jatender Singh Marvaha Vs D.DI.T (ITAT Kolkata) - Both AO & CIT-A have denied the claim of exemption of Rs.40,00,000/- for want of proper evidence showing the capital gains were invested in specified bonds i.e provided by the Government of India, National Highway Authority Bonds (NHAI). The deduction u/s. 54EC of the Act is permissible if the amoun...
Read MoreTransfer u/s 2(47)(v) in case of Development Agreement completes when complete control over property passed on to developer
CIT Vs. Dr. Arvind S. Phake (Bombay High Court) - Heard the learned counsel appearing for the appellant. The challenge is to the judgement and order passed by the Income Tax Appellate Tribunal, Pune Bench A at Pune (for short Appellate Tribunal) on 30th April, 2014. The substantial questions of law which are placed into service are the questions wh...
Read MoreITAT Section 54EC exemption for Investing in REC Bonds of Rs.50 Lakh each in 2 Financial Years for A.Y. prior to 2015-16
Asst. C.I.T Vs Shri Upendra C. Parekh (ITAT Mumbai) - Government only intended to restrict the investment in a particular financial year and accordingly has fixed the limit of Rs. 50,00,000/- as permissible limit in a particular financial year. The Government did not intend to restrict the maximum amount of exemption permissible under Section 54EC....
Read MoreDeduction u/s. 54EC allowable on Actual sale Consideration, not on value determined U/s. 50C
Sri Nikhilesh Sadhukhan Vs Income Tax Officer (ITAT Kolkata) - In the instant case the impugned property was sold at a value lesser than the value adopted for the purpose of stamp duty. Therefore the valuation determined for the purpose of stamp valuation is taken as sale consideration. However, such deeming provision cannot be applied to the provision of law a...
Read MoreNo TDS on interest on IRFCL 54EC Capital Gains Bond
Notification No. 28/2018-Income Tax - (18/06/2018) - Central Government notifies Indian Railway Finance Corporation Limited 54EC Capital Gains Bond issued by Indian Railway Finance Corporation Limited (IRFCL) vide Notification No. 27/2018-Income Tax for exemption from TDS provisions under clause (iib) of the proviso to section 193 of the Income-tax Ac...
Read MoreNo TDS on PFC Section 54EC Capital Gains Bond
Notification No. 27/2018-Income Tax - (18/06/2018) - Central Government notifies Power Finance Corporation Limited 54EC Capital Gains Bond issued by Power Finance Corporation Limited (PFC Limited) vide Notification No. 27/2018-Income Tax for exemption from TDS provisions under clause (iib) of the proviso to section 193 of the Income-tax Act, 1961. MIN...
Read MoreBonds issued by PFC Ltd eligible for Section 54EC Exemption
Notification No. 47/2017-Income Tax - (08/06/2017) - Section 54EC- Govt Notifies that any bond redeemable after three years and issued on or after 15th June, 2017 by Power Finance Corporation PFC) Limited...
Read MoreRecent Posts in "section 54EC"
Tax on Sale of Under Construction Property, Indexation & Benefit U/s. 54 / 54EC
Tax benefit under section 54EC on long term capital gain
Capital Gain on Real Estate Transactions
Exemption under Section 54, 54EC & 54F -FAQs & case laws
All about Section 54, 54B, 54D, 54F, 54GA, 54EC, 54G & 54GB
Capital Gains Accounts Scheme – How to open / Tax Benefits
Tax on sale of under construction property
Brief Synopsis of Capital Gain Exemption u/s 54, 54EC & 54F
No TDS on interest on IRFCL 54EC Capital Gains Bond
Notification No. 28/2018-Income Tax - (18/06/2018) -
No TDS on PFC Section 54EC Capital Gains Bond
Notification No. 27/2018-Income Tax - (18/06/2018) -
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