Section 54F

Deduction under Section 54F – Judicial Views

Income Tax - The intention of the legislature has been watched and smelled by the Court & Tribunals. Benefit of section 54F is entitled to the legitimate assessee. Wide interpretation of the language of the section has been made and benefit has been allowed by the Tribunals. Deduction u/s  54F  fully allowable despite property purchase in joint ...

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Section 54F(1) of Income Tax Act, 1961 with amendment from AY 2015-16

Income Tax - Subject to the provisions of sub-section (4), where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereafter in this section referred to as the original asset), and the assessee has, within a […]...

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Section 54 & 54F of Income Tax Act-Capital Gains Exemption

Income Tax - Hello readers, Today I will discuss Section 54 & section 54F exemptions in simplified manner as Income tax due dates approaching – Section 54 & section 54F of Income tax Act –deals with exemption from tax on LTCG only if used for purchase or construction of a house with in specified limits. There are similarities […...

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Income tax Timelines related with house property

Income Tax - The income tax laws provide various benefits in respect of house property be it for home loan or for claiming exemption for capital gains by investing in a residential house. If one is not aware of these timelines, one may just miss the tax benefits available under the tax laws. Let us discuss. Eligibility to […]...

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Section 54, 54EC, 54F: Exemption from Long Term Capital Gains Tax

Income Tax - Article deals with Exemption from Long Term Capital Gain Tax under Section 54, 54EC, 54F of Income Tax Act, 1961. Article explains on Sale / Purchase of which Asset under which section exemption is eligible, condition for such exemption, Quantum of Deduction and Exceptions to Exemption under Section 54, 54EC, 54F of Income Tax Act, [&hell...

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Representation to FM on Concerns of Chartered Accountants

Income Tax - We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those representations to your good selves and it gives an impression to us that the same were safely brushed aside by your ministry....

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Request to extend time limits under section 54 to 54GB

Income Tax - KSCAA has requested to Hon’ble Minister of Finance to extend various time limits under section 54 to 54GB of the Income-tax Act, 1961 (the Act). It is requested that various due dates for compliance and completion of specified actions under sections 54 to 54GB of the Act which falls between 20.03.2020 to 30.03.2021 (as against […...

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Request for extension of due dates of Tax Audit Reports/ITR

Income Tax - All India Federation of Tax Practitioners (CZ) has requested CBDT that due date of filing return of income u/s 139(1) for all the assesses be suitably extended, to 28.02.2021,from the current extended due date of 31.12.2020 for AY 2020-21. Simultaneously, the ‘specified date’ for filing tax audit reports be extended from 31.12...

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ICAI requests for extension of various Income-tax due dates

Income Tax - Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit Reports and related returns including Income Tax Return Forms for AY 2020-21 to Chairman, Central Board of Taxes.  Full text of the Representation is as follows:- Request(s) for extension of various due dates u...

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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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Section 54F exemption cannot be denied merely for purchase of property by HUF in members name

PCIT Vs Vaidya Panalalmanilal (HUF) (Gujarat High Court) - PCIT Vs Vaidya Panalalmanilal (HUF) (Gujarat High Court) The materials on record would suggest that there was no dispute at the hands of the Revenue that the sale consideration arising out of the sale of the capital asset was used for acquisition of a new asset and that such newly acquired asset was...

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Necessity to Start New House Construction After Original Assets Sale Date to Claim Section 54F Exemption?

Kapil Kumar Agarwal Vs DCIT (ITAT Delhi) - Kapil Kumar Agarwal Vs DCIT (ITAT Delhi) Whether It Is Necessary To Start Construction of New House After The Date of Sale of Original Assets For Claiming Exemption Under Section 54F Held that : Section 54F is a beneficial provision and should be liberally interpreted. An assessee who has purchased ...

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ITAT denies Section 54F exemption on 3 properties situated in different parts of City

Rakesh Garg Vs ITO (ITAT Jaipur) - Rakesh Garg Vs ITO (ITAT Jaipur) As per the details of the three properties in which the assessee has claimed to have invested sale consideration of the land in question, only one property i.e. at sl. no. 1 of the list reproduced in para ‘6’ above is a constructed house and two others are only [...

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Section 54F exemption available on Multiple Flats obtained under JDA

Ganga Poorna Prasad Vs ACIT (ITAT Bangalore) - ITAT, Bengaluru Bench in the case of Smt. Nethravathi, Bengaluru vs ITO in ITA No.2630/Bang/2017 order dated 25.04.2018 wherein this Tribunal took the view that multiple flats obtained under JDA would be entitled to deduction under section 54F of the Act....

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Independent Building with multiple Residential Units Eligible For Section 54F Exemption

Sri Ramaiah Harish Vs ITO (ITAT Bangalore) - Ramaiah Harish Vs ITO (ITAT Bangalore) It was held that an independent building can have a number of residential units and it will not lose the character of one residential house....

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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"

Section 54F exemption cannot be denied merely for purchase of property by HUF in members name

PCIT Vs Vaidya Panalalmanilal (HUF) (Gujarat High Court)

PCIT Vs Vaidya Panalalmanilal (HUF) (Gujarat High Court) The materials on record would suggest that there was no dispute at the hands of the Revenue that the sale consideration arising out of the sale of the capital asset was used for acquisition of a new asset and that such newly acquired asset was also shown […]...

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Necessity to Start New House Construction After Original Assets Sale Date to Claim Section 54F Exemption?

Kapil Kumar Agarwal Vs DCIT (ITAT Delhi)

Kapil Kumar Agarwal Vs DCIT (ITAT Delhi) Whether It Is Necessary To Start Construction of New House After The Date of Sale of Original Assets For Claiming Exemption Under Section 54F Held that : Section 54F is a beneficial provision and should be liberally interpreted. An assessee who has purchased a house property is entitled […]...

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ITAT denies Section 54F exemption on 3 properties situated in different parts of City

Rakesh Garg Vs ITO (ITAT Jaipur)

Rakesh Garg Vs ITO (ITAT Jaipur) As per the details of the three properties in which the assessee has claimed to have invested sale consideration of the land in question, only one property i.e. at sl. no. 1 of the list reproduced in para ‘6’ above is a constructed house and two others are only […]...

Read More

Deduction under Section 54F – Judicial Views

The intention of the legislature has been watched and smelled by the Court & Tribunals. Benefit of section 54F is entitled to the legitimate assessee. Wide interpretation of the language of the section has been made and benefit has been allowed by the Tribunals. Deduction u/s  54F  fully allowable despite property purchase in joint ...

Read More
Posted Under: Corporate Law |

Section 54F(1) of Income Tax Act, 1961 with amendment from AY 2015-16

Subject to the provisions of sub-section (4), where, in the case of an assessee being an individual or a Hindu undivided family], the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereafter in this section referred to as the original asset), and the assessee has, within a […]...

Read More
Posted Under: Corporate Law |

Section 54 & 54F of Income Tax Act-Capital Gains Exemption

Hello readers, Today I will discuss Section 54 & section 54F exemptions in simplified manner as Income tax due dates approaching – Section 54 & section 54F of Income tax Act –deals with exemption from tax on LTCG only if used for purchase or construction of a house with in specified limits. There are similarities […...

Read More
Posted Under: Corporate Law |

Income tax Timelines related with house property

The income tax laws provide various benefits in respect of house property be it for home loan or for claiming exemption for capital gains by investing in a residential house. If one is not aware of these timelines, one may just miss the tax benefits available under the tax laws. Let us discuss. Eligibility to […]...

Read More
Posted Under: Corporate Law |

Section 54F exemption available on Multiple Flats obtained under JDA

Ganga Poorna Prasad Vs ACIT (ITAT Bangalore)

ITAT, Bengaluru Bench in the case of Smt. Nethravathi, Bengaluru vs ITO in ITA No.2630/Bang/2017 order dated 25.04.2018 wherein this Tribunal took the view that multiple flats obtained under JDA would be entitled to deduction under section 54F of the Act....

Read More

Independent Building with multiple Residential Units Eligible For Section 54F Exemption

Sri Ramaiah Harish Vs ITO (ITAT Bangalore)

Ramaiah Harish Vs ITO (ITAT Bangalore) It was held that an independent building can have a number of residential units and it will not lose the character of one residential house....

Read More

Section 54F deduction cannot be denied merely for non-registration of conveyance deed

ITO Vs Smt. Swati Oberoi (ITAT Delhi)

ITAT- Held that, benefit of deduction under Section 54F of the IT Act cannot be denied to the Respondent merely on the ground that conveyance deed has not yet been got registered particularly when the Respondent is proved to be in possession of the property in question out of which the Respondent was already owner in possession of 1/3rd s...

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