Section 54F

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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Govt wants you to own a house-see income tax benefits extended

Income Tax - The government wants you to own a house and the same becomes evident from the various tax benefits allowed under the income tax laws to the persons who own a house. Let us understand the various beneficial tax provisions which prove that the government wants you to own a house....

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Brief Synopsis of Capital Gain Exemption u/s 54, 54EC & 54F

Income 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...

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Trust for sole benefit of an individual can claim section 54F deduction

Balgopal Trust Vs. ACIT (ITAT Mumbai) - Issue before us is as to whether the assessee trust, which is for the sole benefit of an individual, will be entitled to deduction u/s. 54F or not, when its status is that of A.O.P. As per Section 54F the benefits of this section is available to individual or Hindu undivided family (HUF). Hon’ble ...

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Section 54/ 54F: no requirement of investment in new residential house in India prior to 01/04/2015

Income Tax Officer Vs Mr. Nishant Lalit Jadhav (ITAT Mumbai) - Undoubtedly, prior to the amendment made by Finance (Nos.2) Act, 2014 w.e.f. 01/04/2015, the language of section 54 of the Act required the assessee to invest the capital gain in a residential property....

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AO must allow benefit U/s. 54F not claimed in return but during Assessment Proceedings

Amit Kumar Bansal Vs ITO (ITAT Raipur) - If during the course of assessment proceedings, the assessee filed details of claim of exemption of the same u/s.54F of the Act, the Assessing Officer is duty bound to entertain those details and verify the same and if the assessee is found eligible otherwise as per the conditions u/s.54F of the Act...

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Full Section 54F exemption despite purchase in joint name

Shri Jitendra V Faria Vs. ITO (ITAT Mumbai) - Assessee was entitled to full exemption under section 54F when the full amount was invested by the assessee even though the property was purchased in the joint names for the sake of convenience...

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Exemption U/s. 54 cannot be denied for investment in joint name

Shri Jitendra V Faria Vs. ITO (ITAT Mumbai) - Assessee was entitled to full exemption u/s. 54 when full amount was invested by assessee even though property was purchased in joint names of assessee and his brother....

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Recent Posts in "Section 54F"

Impetus to start-ups – a tax and regulatory perspective

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....

Read More
Posted Under: Income Tax |

Trust for sole benefit of an individual can claim section 54F deduction

Balgopal Trust Vs. ACIT (ITAT Mumbai)

Issue before us is as to whether the assessee trust, which is for the sole benefit of an individual, will be entitled to deduction u/s. 54F or not, when its status is that of A.O.P. As per Section 54F the benefits of this section is available to individual or Hindu undivided family (HUF). Hon’ble jurisdictional […]...

Read More

Section 54/ 54F: no requirement of investment in new residential house in India prior to 01/04/2015

Income Tax Officer Vs Mr. Nishant Lalit Jadhav (ITAT Mumbai)

Undoubtedly, prior to the amendment made by Finance (Nos.2) Act, 2014 w.e.f. 01/04/2015, the language of section 54 of the Act required the assessee to invest the capital gain in a residential property....

Read More

AO must allow benefit U/s. 54F not claimed in return but during Assessment Proceedings

Amit Kumar Bansal Vs ITO (ITAT Raipur)

If during the course of assessment proceedings, the assessee filed details of claim of exemption of the same u/s.54F of the Act, the Assessing Officer is duty bound to entertain those details and verify the same and if the assessee is found eligible otherwise as per the conditions u/s.54F of the Act, he is bound to allow deduction to the ...

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Full Section 54F exemption despite purchase in joint name

Shri Jitendra V Faria Vs. ITO (ITAT Mumbai)

Assessee was entitled to full exemption under section 54F when the full amount was invested by the assessee even though the property was purchased in the joint names for the sake of convenience...

Read More

Exemption U/s. 54 cannot be denied for investment in joint name

Shri Jitendra V Faria Vs. ITO (ITAT Mumbai)

Assessee was entitled to full exemption u/s. 54 when full amount was invested by assessee even though property was purchased in joint names of assessee and his brother....

Read More

Section 54F: Mere allotment letter issued by developer does not confer title

Rasiklal M. Parikh Vs Assistant Commissioner of Income Tax (Bombay High Court)

1. This appeal under Section 260 A of the Income Tax Act, 1961(the Act) assails the order dated 31st October, 2012 passed by the Income Tax Appellate Tribunal (Tribunal). The impugned order relates to Assessment Year 2006-07 2. This appeal was admitted on 28th January, 2015 on the following substantial questions of law:-...

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Section 54F exemption on investment out of borrowed funds, in the name of Karta by HUF & On Renovation of Existing Unit

Shri Puranchand & Family (HUF) Vs ITO (ITAT Chennai)

This appeal of the assessee is directed against the order of the Commissioner of Income Tax (Appeals) – 13, Chennai dated 15.09.2016 and pertains to the assessment year 2012-13....

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Section 54F exemption eligible on multiple flats if in same address

CIT Vs Shri Gumanmal jain (Madras High Court)

In this case assessee having got 15 flats along with his two sons will not disentitle him from getting the benefit U/s. 54F of IT Act only on ground that all the 15 flats are not in the same Block, particularly in the light of admitted factual position that all the 15 flats are located at same address....

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

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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