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Income Tax - The persons having long-term capital gain can avail exemption under various sections by making prescribed investments. The long-term capital gains are usually taxed @ 20%. This tax can be saved by making investments as per section 54, 54EC and 54. Section 54: Profit on sale of property used for residence: Capital gain arising on transfer ...
Read MoreIncome Tax - It is proposed to amend the section 54EC so as to provide that capital gain arising from the transfer of a long-term capital asset, being land or building or both, invested in the long-term specified asset at any time within a period of six months after the date of such transfer, the capital gain shall not be charged to tax subject to cer...
Read MoreIncome 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 - 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 MoreCIT 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 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 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...
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CIT Vs. Dr. Arvind S. Phake (Bombay High Court) -
Asst. 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) -
