Income Tax : A consolidated guide to Income-tax Act threshold limits for AY 2026-27 covering exemptions, deductions, TDS, TCS, compliance and p...
Income Tax : Explore the latest exemptions, deductions and allowances available under the Income-tax Act for AY 2026-27. The guide covers salar...
Income Tax : The Income Tax Bill, 2025 renumbers Section 54F as Section 86 while retaining the existing conditions, computation, and exemption ...
Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
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 : Karnataka High Court held that reopening a completed scrutiny assessment without fresh tangible material is impermissible as it am...
Income Tax : ITAT held that exemption under Sections 54/54F cannot be denied where sale proceeds are invested in a residential house within the...
Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
Income Tax : ITAT held that substantial construction and structural improvements satisfied Section 54F. AO was directed to allow the deduction....
Income Tax : The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restric...
CA, CS, CMA : The ICAI Disciplinary Committee reprimanded CA Jayant Ishwardas Mehta for professional misconduct involving an incorrect income t...
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...
ITAT Pune rules that failure to verify Section 54F deduction conditions makes an assessment order erroneous and prejudicial, upholding PCIT’s revisionary powers.
ITAT Delhi held that multiple residential units on same floor is construed as single residential house for purpose of exemption under section 54 of the Income Tax Act. Accordingly, exemption u/s. 54 allowed and addition deleted.
The ITAT has fixed the fair market value of land at Rs. 60/sq.m. for capital gains calculation and directed the tax authorities to re-examine a taxpayer’s deduction claim under Section 54.
ITAT Bangalore upholds the deletion of a Section 56 addition. The sale of jewellery inherited through a will constitutes a long-term capital gain, allowing the assessee to claim a Section 54F deduction.
ITAT Kolkata ruled that the relinquishment of a tenancy right is a capital gain, and exemptions under sections 54 and 54F can be claimed simultaneously.
ITAT Chandigarh partially allows Sukh Pal Singh’s appeal, adjusting long-term capital gains by accepting a higher cost of acquisition and partial Section 54F deduction.
Tribunal ruled that non-deposit in Capital Gains Account does not bar 54F relief if funds are used for construction within Section 139(4) timeline.
It was pertinent to note that assessee was an agriculturist and semiliterate person, not well versed with the income tax proceedings, therefore, it was the duty of AO to apprise him the correct position instead of putting an extra tax liability because of his ignorance.
Delhi ITAT dismisses appeal in DCIT vs. Ajay Goel case, upholding tax relief for Section 54F deduction and indexed cost of shares on capital gains.
Understand how to save capital gains tax on Joint Development Agreements (JDAs) using Sections 54 and 54F. Learn key differences and tax implications for landowners.
