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Income Tax : Introduction: The financial year 2023-24, corresponding to the assessment year 2024-25, introduces significant amendments that imp...
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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,...
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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 : Detailed analysis of the ACIT vs Himanshu Garg case at ITAT Delhi regarding capital gains, section 54F exemption, and land sale co...
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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...
ACIT v. Shrey Sharma Guleri (ITAT Mumbai) The argument of the learned D.R. is that the basement in the house cannot be termed as a residential house within the provisions of section 54 of the Act. On the other hand, the ld. counsel for the assessee defended the conclusion drawn in the impugned order. It was pleaded that basement is part and parcel of the residential unit, therefore, it cannot be termed as a separate unit.
Word own in s. 54F would include only the case where a residential house is fully and wholly owned by assessee and consequently would not include a residential house owned by more than one person.
Various courts have held that if assessee invests the amount in purchase / construction of building within the stipulated period and the construction is in progress, then the benefits of exemptions under section 54 / 54F, cannot be denied to the assessee.
In Mr. Ravi Shankar vs. The Assistant Commissioner of Income Tax, Mumbai bench of Income Tax Appellate Tribunal (ITAT) proclaimed in its recent order that pre- amended capital gain under section 54 of the Income Tax Act 1961 can be availed for two residential houses.
The learned Commissioner of Income Tax(Appeals) erred in allowing the assessees appeal relying on the decision of the Honble High Court of Karnataka in the case of Smt. K.G. Ruminiamma (2011 )331 ITR 211 when the facts of the case are distinguishable from the assessee’s case. In the case of Smt. K.G Ruminiamma
The point of dispute relates to taxpayers entitlement to tax exemption as claimed under sec. 54F (of the IT Act), on the so- called roll over investment. This marks an instance being the latest in the long series of such disputes taken up for adjudication by courts in the recent past. Earlier, more or less a similar dispute that arose has been covered in a judgment of the Karnataka HC deciding the issue in taxpayer’s favor.
ACIT Vs. Sh. Vineet Kumar Kapila (ITAT Delhi) ITAT held that booking of flat with the builder has to be treated as construction of flat by the assessee and hence period of three years would apply for construction of new house from the date of transfer of long term capital asset. Therefore, the Ld. CIT(A) has […]
Once assessee had invested sale proceeds of existing asset for the purpose of construction of new house within the time period specified under section 54F he could not be denied the benefit under the section, even if the assessee finally could not construct the new house within the specified period of three years.
Section 54F do not prescribe any condition as to the date of commencement of construction of new house property, meaning thereby that the construction of house property may be commenced even before the date of transfer of original asset.
These are appeals filed by two assessees who are wife and husband. One appeal in IT(IT)A No.12/Bang/2014 is by Smt.Veena Nambyar directed against the order passed by the CIT (Appeals) -4, Bangalore dt.20.2.2014, in respect of the order of assessment passed. 143(3) of the Income Tax Act, 1961 (in short ‘the Act’) dt.27.12.2011.
