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...
ITAT Mumbai held that deduction under section 54F of the Income Tax Act duly available as nexus between sale of gold jewellery and purchase of flat duly established.
Explore the amendments in Capital Gain exemptions under Section 54 & 54F in the Budget 2023, aiming to limit exemptions for high net worth individuals.
ITAT Jabalpur held that as per the sale deed what was purchased was only a plot of land for construction of residential house. However, in absence of construction of residential house thereon, exemption under section 54F of the Income Tax Act not admissible.
Learn about the major amendments in Budget 2023 related to Capital Gains, including changes affecting Residential House Property, Gold, and Market Linked Debentures.
ITAT Mumbai held that purchase of residential property within specified period of one year before the sale of capital asset (commercial property) is allowable as exemption under section 54F of the Income Tax Act 1961.
Section 54F exemption would be granted to assessee on its residential properties and assessee cannot be said to have not ‘Purchased’ properties for not having sale deed executed in its favour.
ITAT Chennai held that benefit under section 54F of the Income Tax Act not deniable for technical lapse like non-registration of agreement to sale.
Finance Act 2023 redefines capital gains Introduces amendments in Sec 54, 54F, and 45(5A), caps exemptions, and modifies MLD taxation. Embracing clarity and fairness in capital gain taxation.
ITAT held that, transfer of property only takes place when either possession of property is transferred or sale deed is executed and documents like unregistered ‘Banakhat’ or power of attorney are not substitute of sale deed.
Section 54- Deduction on the capital gains arising from transfer of long term capital asset i.e. Residential House if an assessee with in period of one year or two years after the date on which transfer took place purchased any residential property or with period of three years after that date constructed any residential property in India Irrespective of any threshold limit.
