Income Tax : Stay updated with key changes and precautions in filing your Income Tax Return for FY 2023-24 to avoid penalties and ensure accura...
Income Tax : Discover how Section 54 & 54F exemptions extend beyond property owners to include spouses and legal heirs. Explore recent ITAT rul...
Income Tax : Understand the key differences between Section 54 and Section 54F for LTCG exemption through investment in residential property. E...
Income Tax : Explore exemptions under capital gain with sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA. Eligibility, assets, limits, and lock-...
Income Tax : Introduction: The financial year 2023-24, corresponding to the assessment year 2024-25, introduces significant amendments that imp...
Income Tax : Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha I...
CA, CS, CMA, Income Tax : We have not noticed any heed being extended towards various issues and possible solutions we have proposed through those represent...
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,...
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 ...
Income Tax : Direct Taxes Committee of ICAI has Request(s) for extension of various due dates under Income-tax Act, 1961 especially Tax Audit R...
Income Tax : Detailed analysis of the ACIT vs Himanshu Garg case at ITAT Delhi regarding capital gains, section 54F exemption, and land sale co...
Income Tax : ITAT Jaipur directs AO to quash Assessment Order under section 143(3) of Income Tax Act as notice to deceased assessee is deemed i...
Income Tax : Section 54F amendment restricting exemption to one residential house was prospective, applying only from April 1, 2015 and Violat...
Income Tax : Discover how the Madras High Court ruled on treating multiple flats as a single residential unit under Section 54F. Detailed analy...
Income Tax : Explore Arun K Thiagarajan Vs CIT, a case on Section 54 of the Income Tax Act, 1961. Detailed analysis, implications, and the cour...
Income Tax : For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 m...
Income Tax : 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...
Sejalbhai G. Patel Vs ITO (ITAT Surat) Learned Departmental Representative (ld. DR) for the Revenue submitted that in order to claim the exemption under section 54B of the Act, the agricultural land should be purchased within two years from the date of sale of the original agricultural That is, the agricultural land must have been […]
Pradeep Kumar Sonthalia Vs DCIT (ITAT Kolkata) The assessee has claimed exemption under section 54 and 54F of the Income Tax Act. Such exemption has been denied to the assessee by observing that it has booked the flat with the builder in earlier year but ultimately took the possession in subsequent years. Therefore, he failed […]
Admittedly, the AO deployed Inspector to verify whether there is any construction/residential house constructed by the assessee. The Inspector submitted report on 19-12-2016 stating that no construction or residential house is existing at House No. 4, Ward No. 12, Ichalkaranji which clearly establishes the assessee could not construct a house within three years from the date of sale of its assets on 17-03-2011 till 19-12-2016. Therefore, the assessee made construction within three years and in my opinion, the AO rightly denied deduction u/s. 54F of the Act.
Bindu Premanandh Vs ADVS (Kerala High Court) CIT (Appeals) has not noted all the sequential events in the explanation given by the assessee. But has arrived at a quick finding for extending the relief under Section 54F of the Act. Turning to the findings of the Tribunal, we are of the view that the Tribunal […]
Surinder Kumar Malhotra Vs ITO (ITAT Chandigarh) The relevant facts of the case are that qua the Long Term Capital Gain available to the assessee in the year under consideration deduction u/s 54 of the Act was claimed. The said claim was disallowed holding that the proceeds have been applied to acquiring two separate properties. […]
ITAT Ahmedabad held that denial of exemption u/s 54F of the Income Tax Act for a mere technical default, beyond the control of assessee, in not getting the new property registered within the stipulated time period of two years is unjustified.
Section 54 does not put any rider that deduction in respect of investment in acquisition of land appurtenant to building will not quality for exemption.
Where Assessing Officer, after following directions of Principal Commissioner regarding examining of claim made by assessee for exemption under section 54F, passed an assessment order under section 143(3) read with section 263 holding that assessee was eligible for exemption as it held only one residential property during year, subsequent revision order passed by Principal Commissioner setting aside impugned assessment order as erroneous and prejudicial to interest of revenue was to be quashed
In case, Assessing Officer finds that if property is accounted in books of firm M/s. S.P. Hospital as a commercial property and the property is used for the purpose of hospital, then the Assessing Officer is directed to allow deduction under section 54F of the Act.
Section 54 Capital gain exemption cannot be denied for claim under section 54F & non-filing of revised Income Tax return
