Section 54F

Check new deadlines to file ITR for FY20, FY19 & Other due dates

Income Tax - Vide Income Tax Notification No.35/2020 dated 24.06.2020 government extends various due date upto 31st July, 2020. The salient features of which are as under: 1) The time of filing of original as well as revised income tax returns of the FY 18-19 (AY 2019-20) has been extended to 31st July, 2020. 2) The returns of […]...

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Decoding ‘One House’, ‘One Unit’ Concept in Section 54F

Income Tax - Assesses wanting to claim exemption u/s 54F should ensure that there is unity of structure and they are indeed just independent units and not independent houses altogether that are located in different places....

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Exemption from Capital Gain Tax | Complete Guide

Income Tax - This article focuses on the exemptions available to an assessee from capital gain tax under Income Tax Act, 1961. Any profit or gain arising from Transfer of Capital Asset (long term or short term) shall be chargeable under the head capital gain in the year of transfer. However, there are some exemptions on such capital […]...

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Analysis of Exemptions Under Capital Gains

Income Tax - Profit on transfer of a capital asset is chargeable under the head Capital Gains. Section 45 makes the gains arising out of the transfer of a capital asset chargeable to tax under the provisions of the Income Tax Act, 1961. However, the chargeability has been subjected to the provisions of sections 54, 54B, 54D, 54E, […]...

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Depereciable Assets U/S 50 and Benefit of Section 54EC/54F

Income Tax - 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...

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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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Prior to A.Y. 2015-16 word ‘a’ employed under Section 54 can include plural residential houses

Tilokchand & Sons Vs ITO (Madras High Court) - If the word 'a' as employed under Section 54 prior to its amendment and substitution by the words 'one' with effect from 01.04.2015 could not include plural units of residential houses, there was no need to amend the said provisions by Finance Act No.2 of 2014 with effect from 01.04.2015 which the L...

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Year of taxability of unutilised portion of capital gains- Section 54/54F

Deepak Bhardwaj Vs ITO (ITAT Delhi) - Deepak Bhardwaj Vs ITO (ITAT Delhi) Only question that arises for our consideration is whether the unutilised portion of capital gains is liable for tax either in the year in which such long term capital gains arose or in the year in which the period of 3 years for such utilisation expires. Under id...

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Assessee can claim Section 54F deduction during Section 147 Proceedings

Pyare Lal Saini Vs ITO (ITAT Jaipur) - Whether AO is correct in rejecting the claim of assessee regarding the deduction u/s 54F, which was made first time during Reassessment Proceedings?...

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Date of possession as date of purchase of flat for Section 54F exemption allowed

Rajiv Madhok Vs ACIT (ITAT Delhi) - The contention of the assessee is that since final consideration was paid and the possession of flat was received within a period of one year prior to the date of transfer of capital asset, the same should be considered as the date of purchase. Whereas, the stand of Department is that the date of ex...

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Section 54F – No disallowance for non Compliance of procedural requirement

Shri Kasi Viswanathan Ramnathan Vs ITO (ITAT Chennai) - ...

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Govt Extends due dates under Income Tax Law & Benami laws

Notification No. 35/202-Income Tax/S.O. 2033(E) and Press Release ID: 1634070 - (24/06/2020) - Vide Income Tax Notification No. 35/2020 dated 24.06.2020  govt extends  Due date for ITR for FY 2018-19  upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 ...

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Recent Posts in "Section 54F"

Prior to A.Y. 2015-16 word ‘a’ employed under Section 54 can include plural residential houses

Tilokchand & Sons Vs ITO (Madras High Court)

If the word 'a' as employed under Section 54 prior to its amendment and substitution by the words 'one' with effect from 01.04.2015 could not include plural units of residential houses, there was no need to amend the said provisions by Finance Act No.2 of 2014 with effect from 01.04.2015 which the Legislature specifically made it clear to...

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AO cannot reject Section 54 exemption if amount was deposited in capital gain deposit account

Dr. Jaya Narayan Naik Vs JCIT (ITAT Ranchi)

whether AO is correct in holding that the assessee was not entitled exemption u/s.54 of the Act by rejecting the claim of the assessee to have deposited in capital gain deposit account?...

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Check new deadlines to file ITR for FY20, FY19 & Other due dates

Vide Income Tax Notification No.35/2020 dated 24.06.2020 government extends various due date upto 31st July, 2020. The salient features of which are as under: 1) The time of filing of original as well as revised income tax returns of the FY 18-19 (AY 2019-20) has been extended to 31st July, 2020. 2) The returns of […]...

Read More
Posted Under: Income Tax |

Decoding ‘One House’, ‘One Unit’ Concept in Section 54F

Assesses wanting to claim exemption u/s 54F should ensure that there is unity of structure and they are indeed just independent units and not independent houses altogether that are located in different places....

Read More
Posted Under: Income Tax |

Govt Extends due dates under Income Tax Law & Benami laws

Notification No. 35/202-Income Tax/S.O. 2033(E) and Press Release ID: 1634070 (24/06/2020)

Vide Income Tax Notification No. 35/2020 dated 24.06.2020  govt extends  Due date for ITR for FY 2018-19  upto 31.07.2020, Last date for investments to be eligible for deduction under Chapter VI-A i.e. 80C, 80D etc for the FY 2019-20 [AY 2020-21] upto 31.07.2020, Last date for ITR for FY 2019-20 [AY 2020-21] upto 30.11.2020, Last [&hel...

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Year of taxability of unutilised portion of capital gains- Section 54/54F

Deepak Bhardwaj Vs ITO (ITAT Delhi)

Deepak Bhardwaj Vs ITO (ITAT Delhi) Only question that arises for our consideration is whether the unutilised portion of capital gains is liable for tax either in the year in which such long term capital gains arose or in the year in which the period of 3 years for such utilisation expires. Under identical facts […]...

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Assessee can claim Section 54F deduction during Section 147 Proceedings

Pyare Lal Saini Vs ITO (ITAT Jaipur)

Whether AO is correct in rejecting the claim of assessee regarding the deduction u/s 54F, which was made first time during Reassessment Proceedings?...

Read More

Date of possession as date of purchase of flat for Section 54F exemption allowed

Rajiv Madhok Vs ACIT (ITAT Delhi)

The contention of the assessee is that since final consideration was paid and the possession of flat was received within a period of one year prior to the date of transfer of capital asset, the same should be considered as the date of purchase. Whereas, the stand of Department is that the date of execution of agreement for purchase of fla...

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Exemption from Capital Gain Tax | Complete Guide

This article focuses on the exemptions available to an assessee from capital gain tax under Income Tax Act, 1961. Any profit or gain arising from Transfer of Capital Asset (long term or short term) shall be chargeable under the head capital gain in the year of transfer. However, there are some exemptions on such capital […]...

Read More
Posted Under: Income Tax |

Analysis of Exemptions Under Capital Gains

Profit on transfer of a capital asset is chargeable under the head Capital Gains. Section 45 makes the gains arising out of the transfer of a capital asset chargeable to tax under the provisions of the Income Tax Act, 1961. However, the chargeability has been subjected to the provisions of sections 54, 54B, 54D, 54E, […]...

Read More
Posted Under: Income Tax |

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