Section 54F

Issues In Allowing Exemption U/S 54 & 54F- Long Term Capital Gain

Income Tax - Long term capital gain on purchase of residential house is exempt u/s 54 & 54F. The author do not wish to go in the procedure of calculating capital gain. The subject addressed in this article is connected with various issues which are concerned with the allowability or otherwise of the long term capital gain invested in the purchase of r...

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Investment in multiple houses for exemption under section 54/54F

Income Tax - Controversy always cropped between taxpayer and income tax department whenever taxpayer claim exemption under section 54 and 54F for investment made in multiple houses. Question that now arise whether the prefix ‘a’ used before the word residential house is interpreted in singular or plural sense. ...

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Capital 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 ...

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Income From Capital Gain – Assessment , Case Laws

Income Tax - The issue of short term capital gains (STCG) vs long term capital gains (LTCG) is an ongoing issue. In many of the cases, it is also intertwined with treating such gains as business income. Further, in some of the cases where claims of LTCG have been made, the AOs have treated them as sham transactions and taxed them under Section 69 of t...

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Exemption 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...

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Clarify whether acquisition of residential flat in ‘OAS’ is ‘purchase’ or ‘construction: ICAI

Income Tax - Under Section 54 of the Income-tax Act, if an assessee who has earned a Capital Gain on sale of a residential house, has, within the prescribed period, purchased or constructed another residential house, then, to the extent of the cost of the new residential house, no tax in respect of such Capital Gain is payable. ...

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Clarify Section 54 and 54F – Capital gains exemption in case of investment in ONE residential house property in INDIA: ICAI

Income Tax - Section 54(1) has been amended by the Finance (No.2) Act, 2014 by substituting constructed, a residential house, with constructed, one residential house in India. Similar amendment is made in section 54F(1)....

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ICAI 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....

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Making of a statutory claim U/s. 54/54F cannot be said to be concealment of particulars of income

CIT Vs D. Harindran (Madras High Court) - CIT Vs D. Harindran (Madras High Court)  The learned Appellate Tribunal held that the respondent assessee had furnished all details of sale and purchase of the Injambakkam property and had claimed deduction under Section 54/54F of the 1961 Act. After careful perusal and analysis of Section 271(1)(c...

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Section 54F exemption cannot be denied for mere non claim in Return

Sri Manohar Reddy Basani Vs. ITO (ITAT Hyderabad) - When assessee utilised sale consideration of property in construction of another residential property within prescribed time period, then, merely on account of the fact that the assessee had neither declared the transaction of sale of property nor made any claim of deduction under section 54F in the...

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For Capital gain date of asset ‘held’ is to be considered and not the date of obtaining absolute legal ownership

Ramesh A. Radhakrishnan Vs Assistant Commissioner of Income Tax (ITAT Mumbai) - Ramesh A. Radhakrishnan Vs ACIT (ITAT Mumbai) We find that the expression used is ‘held’ as against ‘acquired’ or ‘purchased’ as used in other Sections like section 54 / 54F which shows that legislatures were conscious while making use of this expression. The expr...

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Period of holding whether to be reckoned from purchase agreement registration date or stamp date

Sanjaykumar Footermal Jain Vs ITO (ITAT Mumbai) - Sanjaykumar Footermal Jain Vs ITO (ITAT Mumbai) In the instant case it is crystal clear that by virtue of agreement for sale dt. 24-04-2008, and making a part payment, the assessee has acquired irrevocable tight, title and interest including possession in the house property in the form of Godown. Th...

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No deduction U/s. 54F for amount not invested in CGAS within period U/s. 139(1) or 139(4)

Bolishetty Venkatesh Vs ITO (ITAT Hyderabad) - Where assessee failed to deposit the unutilized sales consideration under Capital Gain Account Scheme within the period specified under section 139(1) or 139(4), AO was justified in restricting the claim of deduction to the expenditure incurred upto the due date of filing return of income....

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Recent Posts in "Section 54F"

Issues In Allowing Exemption U/S 54 & 54F- Long Term Capital Gain

Long term capital gain on purchase of residential house is exempt u/s 54 & 54F. The author do not wish to go in the procedure of calculating capital gain. The subject addressed in this article is connected with various issues which are concerned with the allowability or otherwise of the long term capital gain invested in the purchase of r...

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Posted Under: Income Tax |

Making of a statutory claim U/s. 54/54F cannot be said to be concealment of particulars of income

CIT Vs D. Harindran (Madras High Court)

CIT Vs D. Harindran (Madras High Court)  The learned Appellate Tribunal held that the respondent assessee had furnished all details of sale and purchase of the Injambakkam property and had claimed deduction under Section 54/54F of the 1961 Act. After careful perusal and analysis of Section 271(1)(c) of the 1961 Act, the Appellate Tribuna...

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Section 54F exemption cannot be denied for mere non claim in Return

Sri Manohar Reddy Basani Vs. ITO (ITAT Hyderabad)

When assessee utilised sale consideration of property in construction of another residential property within prescribed time period, then, merely on account of the fact that the assessee had neither declared the transaction of sale of property nor made any claim of deduction under section 54F in the return of income, deduction under secti...

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For Capital gain date of asset ‘held’ is to be considered and not the date of obtaining absolute legal ownership

Ramesh A. Radhakrishnan Vs Assistant Commissioner of Income Tax (ITAT Mumbai)

Ramesh A. Radhakrishnan Vs ACIT (ITAT Mumbai) We find that the expression used is ‘held’ as against ‘acquired’ or ‘purchased’ as used in other Sections like section 54 / 54F which shows that legislatures were conscious while making use of this expression. The expressions like ‘owned’ / ‘ac...

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Period of holding whether to be reckoned from purchase agreement registration date or stamp date

Sanjaykumar Footermal Jain Vs ITO (ITAT Mumbai)

Sanjaykumar Footermal Jain Vs ITO (ITAT Mumbai) In the instant case it is crystal clear that by virtue of agreement for sale dt. 24-04-2008, and making a part payment, the assessee has acquired irrevocable tight, title and interest including possession in the house property in the form of Godown. The registration of the property which [&h...

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No deduction U/s. 54F for amount not invested in CGAS within period U/s. 139(1) or 139(4)

Bolishetty Venkatesh Vs ITO (ITAT Hyderabad)

Where assessee failed to deposit the unutilized sales consideration under Capital Gain Account Scheme within the period specified under section 139(1) or 139(4), AO was justified in restricting the claim of deduction to the expenditure incurred upto the due date of filing return of income....

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Section 54 Exemption allowed on House Property acquired Outside India for A.Y. 2014-15 and for earlier A.Ys.

Income Tax officer Vs Arshia Basith (ITAT Bangalore)

ITO Vs Arshia Basith (ITAT Bangalore) we find that the assessment year in this appeal is 2014-15 and the provision in section 54F comes w.e.f. 01.04.2015 according to which it was clarified that the residential house is to be acquired only in India meaning thereby before this amendment it was not clear as to whether […]...

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Deduction U/s. 54 cannot be denied proportionately merely for Joint Ownership

Shri Chitrang M. Dave Vs The DCIT (ITAT Ahmedabad)

Shri Chitrang M. Dave Vs DCIT (ITAT Ahmedabad) The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the benefit of capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be denied to a joint owner who made the total investment in the purchase of the […]...

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Section 50C not applies if Assessee invests entire sale consideration in new house property U/s. 54F

ITO Vs Raj Kumar Parashar (ITAT Jaipur)

Provision of section 50C(1) of the Act are not applicable to section 54F for the purpose of determining the meaning of full value of consideration....

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Deduction under section 54F on Multiple flats received under JDA

Mrs. S. Suma Vs The Income Tax Officer (ITAT Bangalore)

As far as the deduction u/s. 54F of the Act on the question whether if under a JDA multiple flats are given to the owner whether deduction u/s.54F of the Act can be given, the decision of the Hon’ble High Court of Karnataka and the other decision cited before us supports the plea of the […]...

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