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...
Smt. Chander Kanta Maheshwari Vs ITO (ITAT Delhi) Deduction under section 54F of the Act can be claimed to the extent of amount of capital gain utilized till the filing of the return under Section 139(4) of the Act. As in the instant case, the ld. Commissioner allowed the deduction under Section 54 of the […]
Dr. Anjanaiah v. ACIT (2019) 75 ITR 315 (Bang.)(Tribunal) BRIEF FACTS: The assessee purchased land from the sale proceeds of property held by him, and constructed a nursing home and residential house thereon. On the residential house, he claimed exemption under section 54F of the Income-tax Act, 1961. The Assessing Officer restricted the deduction under […]
In our considered view, the date of allotment is relevant for the purpose of computing holding period and not the date of registration of conveyance deed as held by the Hon’ble Jurisdictional High Court of Delhi in the case of K. Ramakrishnan 48 com 55
When the taxing authorities intend to tax the whole sale consideration as taxable consideration which includes the portion of the cost of flat then the assessee has deemed to have paid for the flat as purchase consideration.
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 […]
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 […]
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 […]
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 names. […]
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 […]
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 […]
