Exemption Under Section 54EC of Income Tax Act, 1961- Amendment, Articles, News Notifications, Judgments and Detailed Analysis at one place
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Income Tax : Learn how recent amendments to Section 112 of the Income Tax Act impact capital gains tax, including indexation rollback and new t...
Income Tax : Understand capital gains tax, exemptions under Sections 54/54F, TDS rates, and tax filing requirements for property sales in India...
Income Tax : Learn about capital gain exemptions under Sections 54, 54F, and 54EC of the Income-tax Act for property sales. Maximize tax benefi...
Income Tax : In Respect of exemptions, deduction etc Income Tax Act, 1961 imposes various threshold limit. Like in respect of Tax Rates or in r...
Income Tax : Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha I...
Corporate Law : It has been decided to close the 54 EC capital gain bond issue 2022-23 of NHAI with Immediate effect. Accordingly, please ensure t...
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 : In furtherance of the existing proviso to section 54EC, a new proviso has been inserted to clarify that the investment made by an ...
Income Tax : Delhi High Court held that reopening of an assessment under section 147 of the Income Tax Act merely on the basis of communication...
Income Tax : Karnataka High Court grants capital gains tax exemption under Section 54EC despite delayed investment in bonds, overturning CBDTâ€...
Income Tax : The petitioner sold his residential property and based on an advise invested the sale proceed in the bonds issued by the Responden...
Income Tax : ITAT Ahmedabad held that benefit of deduction under section 54EC of the Income Tax Act allowed since nexus between advance receive...
Income Tax : ITAT Mumbai held that assessee is not entitled for concession rate of tax of 20% provided under section 112(1) of the Income Tax A...
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...
Income Tax : The Government of India in IEBR for FY 2022-23 have not mandated NHAI to raise funds from the market. Therefore. NHAI shall not is...
Income Tax : Central Government notifies Indian Railway Finance Corporation Limited 54EC Capital Gains Bond issued by Indian Railway Finance Co...
Income Tax : Central Government notifies Power Finance Corporation Limited 54EC Capital Gains Bond issued by Power Finance Corporation Limited ...
Income Tax : In exercise of the powers conferred by clause (ba) of Explanation to section 54EC of the Income-tax Act, 1961 (43 of 1961), the Ce...
Section 54, 54EC & 54F talks about the capital gain arising on transfer of long-term capital assets and one may note that depreciable assets if hold for a period of more than 36 months becomes a long-term capital assets. Section 54/54EC/54F are an independent sections & don’t make any distinction between Depreciable assets vis a vis Non Depreciable Assets.
Provisions of section 54EC provide exemption towards long term capital gain arisen on the transfer of land or building or both when the amount is invested into the specified bonds. The present article briefly explains the provisions of section 54EC of the Income Tax Act. Understanding basic provisions of section 54EC of the Income Tax […]
Booking of bare shell of a flat was a case of construction of house property and not purchase, and since construction had been completed within three years of sale of original asset, assessee was duly entitled to deduction under section 54.
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 54F. Section 54: Profit on sale of property used for residence: Capital gain arising on transfer of […]
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 […]
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.
In the given case the issue under consideration is that whether capital gains, which were exempt under section 54EC could be reckoned for purpose of computing book profit under section 115JA
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 was paid by assessee.
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 […]
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 consequently the computation of exemption under section 54EC, shall have to be worked out on the basis of substituted deemed sale consideration of transfer of capital asset in terms of section 50C of the Act.
