Income Tax : Courts held that investment in under-construction property qualifies as construction under Sections 54/54F. Deduction cannot be de...
Income Tax : Courts held that exemption cannot be denied merely due to lack of registration if possession and substantial payment are proven. T...
Income Tax : Tribunal held that a commercial tannery cannot be treated as a residential house merely because rent is taxed under “House Prope...
Income Tax : The Tribunal held that incomplete villas incapable of occupation and held as business assets do not amount to residential houses. ...
Income Tax : Learn about capital gains tax exemptions under Sections 54 to 54GB of the Income Tax Act, conditions for eligibility, and withdraw...
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 : The issue was denial of capital gains exemption due to claim under wrong section. The tribunal held that a genuine claim cannot be...
Income Tax : The Court held that reassessment cannot be initiated on issues already examined during scrutiny assessment. It ruled that reopenin...
Income Tax : ITAT Chennai set aside the appellate order and remanded issues on protective addition, Section 54F exemption, and TDS credit misma...
Income Tax : The Tribunal held that deposit in the capital gains scheme is not required if the entire amount is invested before filing the retu...
Income Tax : The Tribunal quashed reassessment proceedings as they were based on a mere change of opinion without any fresh tangible material. ...
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...
Explore tax-saving strategies while purchasing your first home. Learn how sections 54 and 54F of the Income Tax Act can optimize your capital gains. Consult with experts for personalized advice.
Explore the intricacies of Section 54F for capital gains deduction. Learn the conditions, time limits, and nuances to optimize your tax benefits on property sales.
ITAT Mumbai denies capital gain exemption ( Section 54/54F) to Hem Chandra R. Gavankar for investing in a house in his wife and daughter’s name.
Read about how the ITAT Pune invalidated an income tax assessment order due to the absence of a Document Identification Number (DIN) and analyzed the case’s key aspects.
Learn about the ITAT Delhi ruling in Amrik Sokhi vs. ITO for A.Y. 2015-16, where the claim of capital gain deduction u/s 54 is restored for verification. Details here.
ITAT Hyderabad held that claim of deduction under section 54F of the Income Tax Act not available as the flats sold are not hold for a minimum period of 3 years.
In the case of Shekhar Bharti vs. ITO (ITAT Delhi), the article explores how the valuation report was discredited, affecting the tax assessment.
In the Subba Raju Chekuri Vs. ITO case, ITAT Hyderabad remands matter due to the failure of the assessee to provide evidence for Section 54F deduction claim.
In a crucial ruling, ITAT Chennai allows Section 54F deduction for a new residential property purchase, clarifying tax implications. Learn more in this detailed analysis.
Explore case of V.R. Usha Vs ITO, where Section 54F exemption was denied despite partial property ownership, and how it sets a precedent for similar cases.
