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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 MoreIncome Tax - In order to widen the scope of the section for sectors which may raise fund by issue of bonds eligible for exemption under section 54EC, it is proposed to amend section 54EC so as to provide that investment in any bond redeemable after three years which has been notified by the Central Government in this behalf shall also be eligible for ...
Read MoreIncome Tax - In case you have booked any long term capital gain in last six months you can save tax by investing in 54EC bonds issues by NHAI recently. Find your eligibility here:...
Read MoreIncome Tax - We are here to understand the benefits that can be claimed under section 54, 54EC & 54F to save tax on long term capital gains. At the time of sale of any Long term Capital Asset, the gain is taxed at a steep rate of flat 20%. In order to save up on those taxes, the act has given us an option of claiming exemptions from paying such Capita...
Read MoreIncome Tax - Sale of under construction before taking possession: In case you sale a property booked by you before you you take the possession, the profits made on such sale will depend on the time interval between your date of booking the property and the date of agreement to transfer your right in the under construction property. In case the interva...
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 MoreAsst. 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 MoreSri 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 MoreMr. Lemes E. D’ Souza, ALK Bricks Factory Company, Vs ITO (ITAT Mumbai) - The division bench of the Mumbai Income Tax Appellate Tribunal (ITAT), in Lemes E. D’ Souza v. ITO, held that benefit of Investing in NHAI/ REC Bonds under section 54EC of the Income Tax cannot be denied to the assessee merely for the reason that the investment was made beyond 6 months from the da...
Read MoreY.V. Ramana Vs CIT (ITAT Visakhapatnam) - In the case of shares of unlisted companies, transfer would take place, only when valid share transfer form in form no. 7B is delivered to the company and endorsed by the Company. Therefore, for effective transfer of shares a mere agreement for transfer of shares is not sufficient, unless it is phys...
Read MoreCIT vs. Subhash Vinayak Supnekar (Bombay High Court) - Where An Assessee Makes Investment In The Specified Bonds On Receipt Of Advance As Per An Agreement To Sale, Whether He Is Entitled To Claim The Benefit Under Section 54EC Of The Income Tax Act, 1961? Yes...
Read MoreNotification 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 MoreAsst. C.I.T Vs Shri Upendra C. Parekh (ITAT Mumbai) -
Sri Nikhilesh Sadhukhan Vs Income Tax Officer (ITAT Kolkata) -
Notification No. 47/2017-Income Tax - (08/06/2017) -
Mr. Lemes E. D’ Souza, ALK Bricks Factory Company, Vs ITO (ITAT Mumbai) -
Y.V. Ramana Vs CIT (ITAT Visakhapatnam) -
CIT vs. Subhash Vinayak Supnekar (Bombay High Court) -
CIT Vs Mr. Subhash Vinayak Supnekar (Bombay High Court) -
