Income Tax : ITAT ruled that exemption under Section 54F cannot be denied solely due to missing bills or vouchers, emphasizing the principle of...
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 : 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 Ahmedabad orders CIT(A) to reconsider the Section 54F exemption claim by Bhupendrabhai Punjabhai Patel after rejecting previo...
Income Tax : Summary of ITAT Raipur decision in Satish Agrawal vs. ITO. The case concerns denied exemption under Section 54F of the Income Tax ...
Income Tax : ITAT Mumbai states holding period for capital gains should be computed from the allotment letter date, not the sale agreement regi...
Income Tax : ITAT Kolkata held that loss on sale of shares on recognized stock exchange with STT paid, is eligible to be set off against the lo...
Income Tax : Read the detailed analysis of ITAT Chennai's decision to grant full S.54F deduction for property purchase in wife's name out of a ...
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...
This article focuses on the exemptions available to an assessee from capital gain tax under Income Tax Act, 1961. Any profit or gain arising from Transfer of Capital Asset (long term or short term) shall be chargeable under the head capital gain in the year of transfer. However, there are some exemptions on such capital […]
Profit on transfer of a capital asset is chargeable under the head Capital Gains. Section 45 makes the gains arising out of the transfer of a capital asset chargeable to tax under the provisions of the Income Tax Act, 1961. However, the chargeability has been subjected to the provisions of sections 54, 54B, 54D, 54E, […]
Whether AO is correct in rejecting the claim of assessee regarding the deduction u/s 54F, which was made first time during Reassessment Proceedings?
The contention of the assessee is that since final consideration was paid and the possession of flat was received within a period of one year prior to the date of transfer of capital asset, the same should be considered as the date of purchase. Whereas, the stand of Department is that the date of execution of agreement for purchase of flat should be considered as the date of purchase.
Shri Kasi Viswanathan Ramnathan Vs ITO (ITAT Chennai) The issue under consideration is whether the denial of exemption under section 54F by CIT(A) is justified in law? In the present case, assessee has claimed the exemption u/s 54F in the return including the amount which had not been utilized before 31.07.2012. But later the assessee utilized the entire sale […]
Shri I. Seshagiri Rao Vs ITO (ITAT Hyderabad) The issue under consideration is whether the capital gains will be applicable where assessee signed a release deed waiving all his rights, title and interests in the property? During the assessment, the A.O. found that the assessee had entered into a release deed and also a supplementary […]
Section 54, 54EC & 54F talks about the capital gain arising on transfer of long-term capital assets and one may note that depreciable assets if hold for a period of more than 36 months becomes a long-term capital assets. Section 54/54EC/54F are an independent sections & don’t make any distinction between Depreciable assets vis a vis Non Depreciable Assets.
Since S.54F of the Act is a beneficial provision and the Hon’ble Courts have held that the beneficial provision should be construed liberally, I deem it fit and proper to admit assessee’s claim of deduction u/s 54F of the Act and remand the issue to the file of the AO with a direction to consider the eligibility of the assessee for deduction u/s 54F of the Act and allow the same if the assessee satisfies the conditions.
There is always a doubt and confusion in the industry among professionals as well as tax payers regarding availment of exemption under section 54 and 54F against capital gains. Whether investment is allowed to be made only in one residential property or more than one residential property can be allowed? Therefore, today I am covering […]
Mr. Sanghai had sold a commercial property, which was a long term asset and invested the same in purchase and construction of a flat in a apartment in Mumbai, within the one year of sale of asset and claimed deduction u/s 54F of income tax act, but later the builder has not completed the possession of the apartment within 3 years and the apartment remained under construction even after 3 years. The period of 3 years is lapsed without any mistake of Mr. Sanghai Now?
