Income Tax - Specified bond for Section 54EC of Income Tax Act – 1961 The benefit under section 54EC can be availed 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 sale any capital asset (w.e.f A.Y 2019-20, the said long term capital asset shall [&...
Read MoreIncome Tax - Buying a house is a dream for millions of people in India. The government has provided various tax benefits to individuals to encourage them to buy a house property under the ‘housing for all’ initiative. One of the important things to note is that if the property is held jointly, individuals can receive additional tax [&helli...
Read MoreIncome Tax - Where the capital gain arises from transfer of long-term capital asset being land or building or both, and the assessee has, at any time within a period of six months after the date of such transfer invested the whole or any part of capital gains, in the 'long-term specified assets', then the capital gain shall be dealt with in accordance...
Read MoreIncome 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 MoreIncome 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 MoreIncome 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 MoreIncome 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 MoreIncome 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 MoreHeatex Products P. Ltd. Vs DCIT (ITAT Mumbai) - The claim of deduction under section 54EC could not be disallowed since assessee has demonstrated that non–investment in REC Bonds within the stipulated period was due to non–availability of bonds in the market....
Read MorePr. CIT Vs Shri Mahipinder Singh Sandhu (Punjab and Haryana HC) - Where assessee had deposited sale consideration amount in the Escrow Account as a security in respect of future liabilities of the company/ transferor, the year of taxability, irrespective of the delay in making investment in REC Bonds on account of uncertainty involved for receiving the amount, the...
Read MoreShri Raghuram P Nambyar Vs ACIT (ITAT Bangalore) - Assessee-wife was not entitled to claim and be allowed exemption under Section 54 and 54 EC on the basis that both assessee’s being husband and wife had suo motu offered rental income equally in their returns of income and their intentions were that said property was a joint property and both of ...
Read MoreShri Anil Kumar Dulichand Vs ACIT-17 (ITAT Mumbai) - Date of transfer of property to compute the six-months period for the purpose of claiming deduction under section 54EC could not be taken from the date when the purchase agreement was registered because the transfer would complete after additional stamp duty to complete the process of registration w...
Read MoreJagdish C. Dhabalia Vs ITO (Bombay High Court) - While giving full effect to the deeming fiction contained under section 50C of the Act for the purpose of computation of the capital gain under section 48, for which section 50C is specifically enacted, the automatic fallout thereof would be that the computation of the assessee’s capital gain and ...
Read MoreNotification No. 28/2018-Income Tax [S.O. 2939(E)] - (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 MoreNotification No. 27/2018-Income Tax [S.O. 2938(E) - (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 MoreNotification No. 47/2017-Income Tax [S.O. 1818(E)] - (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...
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Heatex Products P. Ltd. Vs DCIT (ITAT Mumbai) -
Pr. CIT Vs Shri Mahipinder Singh Sandhu (Punjab and Haryana HC) -
Shri Raghuram P Nambyar Vs ACIT (ITAT Bangalore) -
Shri Anil Kumar Dulichand Vs ACIT-17 (ITAT Mumbai) -
Jagdish C. Dhabalia Vs ITO (Bombay High Court) -
N. R. Ravikrishnan Vs ACIT (ITAT Bangalore) -