Section 54F

Sec 54F- A Brain Teaser !

Income Tax - The point of dispute relates to taxpayers entitlement to tax exemption as claimed under sec. 54F (of the IT Act), on the so- called roll over investment. This marks an instance being the latest in the long series of such disputes taken up for adjudication by courts in the recent past. Earlier, more or less a similar dispute that arose has...

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Analysis of Section 54, 54EC and 54F- Exemption from Long Term Capital Gains

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 ...

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Impetus to start-ups – a tax and regulatory perspective

Income Tax - In todays environment, start-ups are crucial as they focus on innovation, lead to employment generation and promote research and development. As per recent study conducted by IBM and Oxford, 90% of India’s start-ups fail within the first five years despite Indias entrepreneurial strengths....

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Reduce 3 Year limit under section 54, 54B, 54D and 54F to 2 Years

Income Tax - Section 2(42A) - Reduction in holding period in case of immovable property, being land or building or both, to qualify as long term capital asset - Consequential amendments to be made in sections 54, 54B, 54D and 54F...

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All about Section 54, 54B, 54D, 54g, 54GA, 54EC, 54G & 54GB

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...

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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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Deduction U/s. 54F on Unutilized amount not deposited in CGAS before due date

Smt. M.K. Vithya Vs ITO(ITAT Chennai) - Where investment in a new residential house was made within three years from date of transfer of assets, exemption Under section 54F could not be denied on the ground that unutilized amount was not deposited in Capital Gains Account Scheme before due date prescribed under section 139(1)....

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Exemption U/s. 54F cannot be denied for investment of amount in Mutual Funds before Purchase of property

ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru) - In terms of Section 54F the assessee is only entitled to proportionate exemption vis-a-vis, cost of the original asset and the cost of the new assets. In the light of the above, the AO is directed to recomputed the capital gains exemption....

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Deduction U/s. 54F cannot be disallowed for mere non-depositing of amount in capital gains tax account scheme

Satyavati Arvind Kotian Vs ITO (ITAT Mumbai) - This is an appeal filed by the assessee against the order of Commissioner (Appeals)- 46, Mumbai dated 20-1-2017 for assessment year 2011-12 in the matter of order passed under section 143(3) of the Income Tax Act wherein following grounds have been taken by the assessee...

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Deduction U/s. 54F cannot be denied for construction of house on land owned by mother

M/s. Chawala Sweets Vs ACIT (ITAT Jaipur) - Merely because the new house is constructed on a plot of land owned by the mother of the assessee will not disentitle the assesee for claim of deduction u/s 54F of the Income Tax Act....

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Deduction U/s. 54F available on Payment towards construction of house prior to sale of flat

Tarun Jalali Vs Dy. DIT (ITAT Delhi) - Tarun Jalali Vs Dy. DIT (ITAT Delhi) sub-section 4 of section 54F prescribes appropriation of sale consideration of original asset towards provision of new asset made within one year before the date of transfer of original asset, two years from the date of transfer or construction of new in-house pr...

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Recent Posts in "Section 54F"

Deduction U/s. 54F on Unutilized amount not deposited in CGAS before due date

Smt. M.K. Vithya Vs ITO(ITAT Chennai)

Where investment in a new residential house was made within three years from date of transfer of assets, exemption Under section 54F could not be denied on the ground that unutilized amount was not deposited in Capital Gains Account Scheme before due date prescribed under section 139(1)....

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Exemption U/s. 54F cannot be denied for investment of amount in Mutual Funds before Purchase of property

ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru)

In terms of Section 54F the assessee is only entitled to proportionate exemption vis-a-vis, cost of the original asset and the cost of the new assets. In the light of the above, the AO is directed to recomputed the capital gains exemption....

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Deduction U/s. 54F cannot be disallowed for mere non-depositing of amount in capital gains tax account scheme

Satyavati Arvind Kotian Vs ITO (ITAT Mumbai)

This is an appeal filed by the assessee against the order of Commissioner (Appeals)- 46, Mumbai dated 20-1-2017 for assessment year 2011-12 in the matter of order passed under section 143(3) of the Income Tax Act wherein following grounds have been taken by the assessee...

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Deduction U/s. 54F cannot be denied for construction of house on land owned by mother

M/s. Chawala Sweets Vs ACIT (ITAT Jaipur)

Merely because the new house is constructed on a plot of land owned by the mother of the assessee will not disentitle the assesee for claim of deduction u/s 54F of the Income Tax Act....

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Deduction U/s. 54F available on Payment towards construction of house prior to sale of flat

Tarun Jalali Vs Dy. DIT (ITAT Delhi)

Tarun Jalali Vs Dy. DIT (ITAT Delhi) sub-section 4 of section 54F prescribes appropriation of sale consideration of original asset towards provision of new asset made within one year before the date of transfer of original asset, two years from the date of transfer or construction of new in-house property, within three years from the [&he...

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Deduction U/s. 54F cannot be claimed on Capital gains arising in the hands of spouse

The Assistant Commissioner of Income Tax Vs Shri Ramakant Rajaram Bodke (ITAT Pune)

Deduction under section 54F was in respect of capital gain arising in the hands of wife of assessee, should have been claimed in the return of income filed by the wife of assessee, therefore, claim of assessee under section 54F was liable to be rejected....

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Deduction U/s. 54F for Property purchased in name of individual co-parcener by HUF

Grandhi Nageswara Rao (HUF) Vs ACIT (ITAT Visakhapatnam)

In this case, the assessee filed the return of income admitting total income of 98,820/-. A search u/s 132 of the Income Tax Act, 1961 (hereinafter called as the Act) was carried out in the case of M/s. A.S. Steel Traders on 11.10.2012 and in the course of search, the document No.5019 of 2011 of SRO...

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Section 54F deduction not allowable if Purchase of new property not concluded

Mahesh Malneedi Vs ITO (ITAT Hyderabad)

Mahesh Malneedi Vs ITO (ITAT Hyderabad) As far as the assessee is concerned, he was aware of the bank loan and also the default committed by the vendor in repaying the loan. Thus, the property was not without an encumbrance as on the date of filing of the return and there was no certainty of […]...

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Section 54F deduction not available on construction work prior to transfer of property

Ushaben Jayantilal Sodhan Vs ITO (Gujarat High Court)

What sub­section (1) of Section 54 of the Act requires is that the assessee, after the date of transfer, purchases or within three years after such date, constructs a residential unit, only then the benefit of deduction would be granted. This provision, therefore, provides that construction of the residential unit should be done after th...

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Multiple houses in single residential complex constitutes “a residential house” for Section 54/ 54F

V.V.V. Satyanarayana Vs ITO (ITAT Hyderabad)

Where a residential house was transferred and four flats in a single residential complex were purchased by the assessee, it was held that all four residential flats constituted "a residential house" for the purpose of Section 54 and that the four residential flats cannot be construed as four residential houses for the purpose of Section 5...

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