Income Tax : This article explores how taxpayers can save Long-Term Capital Gains (LTCG) arising from the sale of agricultural land. Relevant S...
Income Tax : Mumbai ITAT clarifies LTCG on property: Allotment date, not registration, determines holding period. Impact on tax, Sec 54/54F cla...
Income Tax : Mumbai ITAT rules co-ownership doesn’t imply tax liability. Sale proceeds taxed only for the beneficial owner, not co-owner in V...
Income Tax : Learn key tax rulings on Section 54/54F exemptions for property sales, including land size, appurtenant land, property use, and ag...
Finance : Understand real estate tax changes post-Budget 2024, including LTCG tax reduction, removal of indexation benefits, and rollover pr...
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 : ITAT Mumbai holds flat received by illegal occupant as non-taxable capital receipt, reversing additions made under Section 56(2)(v...
Income Tax : ITAT Mumbai held that date of allotment letter, rather than date on which purchase deed of conveyance was entered, should be consi...
Income Tax : ITAT Mumbai allows appeal of Jasmine Bhaskar Shah against PCIT's Section 263 revision on exemption under 54F and indexation of gif...
Income Tax : This is a peculiar case wherein assessee has declared as a single owner and sold the property, however purchased two properties an...
Income Tax : Thereafter, there was change in incumbent and fresh opportunity was provided and notice u/s.142(1) was issued. But this notice was...
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 Hyderabad partly allows Madhusudhan Jaju’s appeal on capital gains, remands Section 54F exemption issue. Litigation sale price accepted.
Jaipur ITAT sets aside PCIT order under Section 263 in Smt. Lata Phulwani case, citing AO’s due inquiry and permissible view on Sec 54F deduction.
Mumbai ITAT rules co-ownership doesn’t imply tax liability. Sale proceeds taxed only for the beneficial owner, not co-owner in Vinod Nihalchand Jain case.
ITAT Jaipur addressed tax deductions under Sections 54F & 54B in Kuldeep Singh Shekhawat vs. ITO, ruling on belated filings and capital gains exemptions.
ITAT Bangalore held that the assesse is entitled to claim deduction u/s. 54 of the Act if the assesses able to establish the fact that the construction was commenced within the period prescribed of 3 years under the Income Tax Act.
Bombay High Court held that exercising extraordinary jurisdiction under Article 226 of the Constitution of India not justified as alternate and efficacious remedy already available with the petitioner. Hence, writ petition dismissed.
ITAT Lucknow upholds denial of Section 54 exemption as investment in new property was made after the due date. Cites judicial precedents in support of ruling.
Bangalore ITAT rejects DVO valuation, upholds equal treatment for co-owners in capital gains case, citing Supreme Court precedent.
ITAT Delhi’s ruling in Mahavir Prasad Gupta vs. JCIT (AY 1997-98) addresses Section 54F exemption, long-term capital gains, and interest under Sections 234B & 234C.
