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...
Representation against Extension of time limit under section 54 to 54GB without extension of Income Tax Return due date Vidarbha Industries Association has made a Representation against recent CBDT Circular No. 1/2023 Dated 06.01.2023 by which time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax […]
ITAT Mumbai held that revisional order u/s 263 cannot be invoked if Assessing Officer has conducted enquiries and applied his mind and has taken a possible view of the matter.
For claiming exemption Section 54 to 54 GB of the Act, for which last date falls between 01st April. 2021 to 28th February, 2022 may be completed on or before 31st March 2023.
CIT Vs Sardarmal Kothari (Madras High Court) There is no dispute about the fact that the assessees have invested the entire net consideration of sale of capital asset in the land itself and subsequently the assessees have invested large sums of money in the construction of the house. The cost of investment in land and […]
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.
