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 : In this article, we will delve into the taxability of such transactions, specifically focusing on the provisions outlined in Secti...
Finance : Explore tax-saving strategies while purchasing your first home. Learn how sections 54 and 54F of the Income Tax Act can optimize y...
Company Law : Explore the intricacies of Section 54F for capital gains deduction. Learn the conditions, time limits, and nuances to optimize you...
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 Bangalore held that non-registration of will doesn’t lead to any inference against its genuineness. Thus, jewellery inherit...
Income Tax : Read the detailed analysis of the ITAT Hyderabad order quashing the assessment for A.Y. 2009-10 due to absence of property valuati...
Income Tax : Read the full text of the ITAT Ahmedabad order where the revision order against Rameshlal Bullchand Ambwani is quashed due to lack...
Income Tax : Mumbai ITAT directs AO to reconsider immunity from penalty u/s 270AA for Prathamesh Vivek Khot vs ITO. Error in Form 68 caused del...
Income Tax : Once an appeal is lodged with CIT(A), the PCIT's authority to revise assessment under Section 263 is circumscribed - Kathiravan An...
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...
Though assessee had not become owner of property in question because there was no registered sale deed executed by vendor, however, becoming the owner of the property in question was not required for the purpose of section 54/54F and, therefore, no deduction could be denied to assessee.
Once an agreement to sell is executed in favour of some person, the said person gets a right to get the property transferred in his favour and, consequently, some right of the vendor is extinguished. Therefore, the agreement to sell which had been executed on 13th August 2010 was considered as the date on which the property, i.e. the agricultural land, had been transferred instead of 3rd July 2012 on which the sale-deed came to be executed and assessee was entitled to claim the benefit of section 54F as it had invested in purchase of residential house on 22nd April 2010 which was within the prescribed time limit.
Mrs. A. Vijayakumari Vs ITO (ITAT Chennai) The provisions of section 54 of the Act are beneficial and are to be considered liberally for reasonable bonafide cause but investment in residential property is mandatory which is not in dispute in this case. The Assessing Officer was not justified in rejecting the case law relied on […]
The issue under consideration is that whether the assessee having business of land trading can show capital gains from arising out of transfer of land and claim exemption u/s 54F?
Assessee was entitled to exemption under section 54 on long term capital gain on sale of properties as the holding period of the asset should be considered from the date of acquisition of asset in the light of agreement to sale, but not from the date of possession of the property.
Shri Ram Narayan Vs ITO (ITAT Jaipur) Conclusion: Since assessee purchased land through an agreement to sale which was unregistered and the payment was made in cash, therefore, in absence of sale deed, the unregistered agreement would not transfer any title to assessee of the agricultural land, accordingly, the claim of deduction under section 54B […]
Smt. Yoga Sikka Vs ITO (ITAT Delhi) There is no dispute that the assessee has invested the full sale consideration received on the sale of jewellery in the purchase of the plot of land. It is also not in dispute that before the lower authorities the assessee could not adduce any evidence. The certificate from […]
From ‘date of allotment’ of capital asset, i.e., 15-2-2007 the holding period was more than 36 months on sale of property on 4-8-2010 as such, revenue authorities were not justified in treating the holding period from date of registration of property, i.e., 30-9-2009 and treating it as short-term capital gains, deduction under section 54F was, therefore, allowable.
Smt. Archana Kanwar Vs ITO (ITAT Chennai) We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. During the previous year relevant to the assessment year 2012-13, the assessee sold a vacant plot at Gurgaon, Haryana for a consideration of ₹.75,00,000/- after reducing the index […]
ITO Vs Smt. Jaya Deepak Bhavnani (ITAT Mumbai) Legal fiction created in Section 50 is to deem capital gain as short term capital gain and not to deem an asset as short term capital asset and therefore it cannot be said that Section 50 converts long term capital asset into short term capital asset and […]
| M | T | W | T | F | S | S |
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | ||
| 6 | 7 | 8 | 9 | 10 | 11 | 12 |
| 13 | 14 | 15 | 16 | 17 | 18 | 19 |
| 20 | 21 | 22 | 23 | 24 | 25 | 26 |
| 27 | 28 | 29 | 30 | 31 | ||
