Income Tax : This article explores how taxpayers can save Long-Term Capital Gains (LTCG) arising from the sale of agricultural land. Relevant S...
Income Tax : Mumbai ITAT clarifies LTCG on property: Allotment date, not registration, determines holding period. Impact on tax, Sec 54/54F cla...
Income Tax : Mumbai ITAT rules co-ownership doesn’t imply tax liability. Sale proceeds taxed only for the beneficial owner, not co-owner in V...
Income Tax : Learn key tax rulings on Section 54/54F exemptions for property sales, including land size, appurtenant land, property use, and ag...
Finance : Understand real estate tax changes post-Budget 2024, including LTCG tax reduction, removal of indexation benefits, and rollover pr...
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 Mumbai holds flat received by illegal occupant as non-taxable capital receipt, reversing additions made under Section 56(2)(v...
Income Tax : ITAT Mumbai held that date of allotment letter, rather than date on which purchase deed of conveyance was entered, should be consi...
Income Tax : ITAT Mumbai allows appeal of Jasmine Bhaskar Shah against PCIT's Section 263 revision on exemption under 54F and indexation of gif...
Income Tax : This is a peculiar case wherein assessee has declared as a single owner and sold the property, however purchased two properties an...
Income Tax : Thereafter, there was change in incumbent and fresh opportunity was provided and notice u/s.142(1) was issued. But this notice was...
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 landmark judgments on capital gain tax exemptions under Sections 54 and 54F of the Income Tax Act. Key highlights from ITAT and High Court cases explained.
Assessee had filed his income tax return for A.Y. 2017-18 declaring ₹20,89,430. The case was scrutinized for capital gains from agricultural land sales and cash deposits during demonetization.
The return of the assessee was taken for scrutiny assessment. The assessee claimed Long Term Capital Gain on sale of land of Rs. 1,41,43,038/- and claimed exemption u/s. 54F of the Act reinvestment in a residential house.
Learn about capital gain exemptions for investing in multiple residential units under Section 54F, with case law insights on eligibility and conditions.
ITAT Ahmedabad held that delay in the completion of construction of the house will not be a bar to the assessee for claiming the exemption provided u/s.54F of the Income Tax Act. Accordingly, deduction granted.
Tribunal was justified in declining capital gain exemption under Section 54F with respect to a property described as “makaan” (house) in the registered sale deed but in reality having a brick kiln construction.
Delhi High Court held that in case of investment in two residential properties, exemption under section 54F of the Income Tax Act is available in respect of only one of the two residential properties. Accordingly, appeal dismissed.
Understand capital gains tax, exemptions under Sections 54/54F, TDS rates, and tax filing requirements for property sales in India, including for non-residents.
ITAT Ahmedabad held that benefit of deduction under section 54EC of the Income Tax Act allowed since nexus between advance received towards sale of property and investment made in NHAI bonds established.
ITAT Mumbai held that where two houses joint together constitutes a single unit for residence, then exemption under section 54F of the Income Tax Act would be available to such joint residential house.
