Section 54F

Section 54F of the Income Tax Act, 1961

Income Tax - Section 54F  of the Income Tax Act 1. Assessee is an Individual or HUF. 2. Capital Gain arises from the Sale of any capital asset other than Residential House. 3. This asset is called original asset. 4. Assessee has purchased a Residential House within a year before the date of transfer or constructed a residential […]...

Read More

Commencement of property construction prior to transfer of original asset not an impediment for section 54F exemption

Income Tax - The Delhi High Court in case of Bharti Mishra held that section 54F prescribes appropriation of sale consideration within one year before the date of transfer of original asset, two years from the date of transfer or construction of new property within three years from the date of transfer. However, the Act does not prescribe any conditio...

Read More

Interim budget has good news for property owners as well

Income Tax - This interim budget as expected intends to harvest good votes in the election season and has therefore proposed various beneficial proposals for small tax payers It  proposes various provisions which are beneficial for the owners of property. Let us discuss. Enhancement for limit on TDS on rent The Finance Minister (FM) has proposed to e...

Read More

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...

Read More

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. ...

Read More

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. ...

Read More

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)....

Read More

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....

Read More

Cost of Land is part of Construction Cost of House to avail Section 54F Exemption

Smt. Yoga Sikka (UPPAl) Vs ITO (ITAT Delhi) - Smt. Yoga Sikka Vs ITO (ITAT Delhi) There is no dispute that the assessee has invested the full sale consideration received on the sale of jewellery in the purchase of the plot of land. It is also not in dispute that before the lower authorities the assessee could not adduce any evidence. The certif...

Read More

Exemption U/s. 54F available on capital gain on sale of depreciable assets

Income Tax Officer Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai) - ITO Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai) Legal fiction created in Section 50 is to deem capital gain as short term capital gain and not to deem an asset as short term capital asset and therefore it cannot be said that Section 50 converts long term capital asset into short term capital asset an...

Read More

Section 54/54F :Tenancy right cannot be equated with ownership rights

Kaushik D. Mistry Vs ITO (ITAT Mumbai) - Kaushik D. Mistry Vs ITO (ITAT Mumbai) So far as the question of deduction u/s 54 is concerned, we find that the assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership rights. The conditions of Section 54 as well...

Read More

Exemption u/s 54F allowable despite start of construction of new house before sale date of original asset

Kapil Kumar Agarwal Vs DCIT (ITAT Delhi) - Exemption u/s 54F allowable despite start construction new house before sale date original asset...

Read More

No Penalty for mere rejection of Sec 54F claim against tenancy right Sale

PCIT Vs Rasiklal M. Parikh (Bombay High Court) - The dispute between the Assessee and the Revenue was with reference to actual payment for purchase of the flat and whether when the Assessee had purchased one more flat, though contagious, could the Assessee claim exemption under Section 54F of the Act. ...

Read More
Sorry No Post Found

Section 54F’s Popular Posts

Recent Posts in "Section 54F"

Cost of Land is part of Construction Cost of House to avail Section 54F Exemption

Smt. Yoga Sikka (UPPAl) Vs ITO (ITAT Delhi)

Smt. Yoga Sikka Vs ITO (ITAT Delhi) There is no dispute that the assessee has invested the full sale consideration received on the sale of jewellery in the purchase of the plot of land. It is also not in dispute that before the lower authorities the assessee could not adduce any evidence. The certificate from […]...

Read More

Exemption U/s. 54F available on capital gain on sale of depreciable assets

Income Tax Officer Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai)

ITO Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai) Legal fiction created in Section 50 is to deem capital gain as short term capital gain and not to deem an asset as short term capital asset and therefore it cannot be said that Section 50 converts long term capital asset into short term capital asset and […]...

Read More

Section 54/54F :Tenancy right cannot be equated with ownership rights

Kaushik D. Mistry Vs ITO (ITAT Mumbai)

Kaushik D. Mistry Vs ITO (ITAT Mumbai) So far as the question of deduction u/s 54 is concerned, we find that the assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership rights. The conditions of Section 54 as well as Section […]...

Read More

Section 54F of the Income Tax Act, 1961

Section 54F  of the Income Tax Act 1. Assessee is an Individual or HUF. 2. Capital Gain arises from the Sale of any capital asset other than Residential House. 3. This asset is called original asset. 4. Assessee has purchased a Residential House within a year before the date of transfer or constructed a residential […]...

Read More
Posted Under: Income Tax |

Exemption u/s 54F allowable despite start of construction of new house before sale date of original asset

Kapil Kumar Agarwal Vs DCIT (ITAT Delhi)

Exemption u/s 54F allowable despite start construction new house before sale date original asset...

Read More

No Penalty for mere rejection of Sec 54F claim against tenancy right Sale

PCIT Vs Rasiklal M. Parikh (Bombay High Court)

The dispute between the Assessee and the Revenue was with reference to actual payment for purchase of the flat and whether when the Assessee had purchased one more flat, though contagious, could the Assessee claim exemption under Section 54F of the Act. ...

Read More

Date of possession of flat is date of actual purchase for claiming exemption u/s 54F

Ayushi Patni Vs DCIT (ITAT Pune)

Ayushi Patni Vs DCIT (ITAT Pune) Whether the assessee is eligible for claiming exemption u/s 54F in respect of residential flat / house for which the assessee has entered into an agreement for purchase more than one year before the date of transfer of capital asset? The dates qua, transfer of capital asset, execution of […]...

Read More

Exemption U/s. 54F cannot be denied for Purchase of Plot in HUF name

Kanaiyalal Muljibhai Patel Vs ITO (ITAT Ahmedabad)

Kanaiyalal Muljibhai Patel Vs ITO (ITAT Ahmedabad) The issue before us is, whether the house constructed by the assessee on a plot purchased in the name of HUF, exemption under section 54F, is available to the assessee or not ? The Revenue is of the opinion that for claiming exemption under section 54F, the investment ought […]...

Read More

CIT (A) justified in directing AO to examine issue of deduction U/s. 54F

Ms. Zeba Shereen Vs ITO (ITAT Bangalore)

Learned DR submitted that the AO has failed to examine the claim for deduction under section 54F of the Act during the course of assessment proceedings as required by the law. Accordingly, the learned DR submitted that the revision order passed by the learned CIT does not call for any interference. ...

Read More

Exemption U/s. 54F allowed for Investment in purchase of Villa routed through mutual funds

ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru)

ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru) In the present case, the capital asset was sold on 26.02.2011. The capital asset was purchased on 31.03.2011 and before the purchase of the capital asset the amount was deposited in mutual funds. Therefore in the considered opinion of the bench, before the date of filing of […]...

Read More

Browse All Categories

CA, CS, CMA (4,154)
Company Law (4,758)
Custom Duty (7,289)
DGFT (3,935)
Excise Duty (4,195)
Fema / RBI (3,700)
Finance (3,898)
Income Tax (29,969)
SEBI (3,138)
Service Tax (3,453)

Search Posts by Date

June 2019
M T W T F S S
« May    
 12
3456789
10111213141516
17181920212223
24252627282930