Income Tax : A consolidated guide to Income-tax Act threshold limits for AY 2026-27 covering exemptions, deductions, TDS, TCS, compliance and p...
Income Tax : Explore the latest exemptions, deductions and allowances available under the Income-tax Act for AY 2026-27. The guide covers salar...
Income Tax : The Income Tax Bill, 2025 renumbers Section 54F as Section 86 while retaining the existing conditions, computation, and exemption ...
Income Tax : Learn the exemptions available under Sections 54 to 54GB of the Income-tax Act, including eligible investments, timelines, exempti...
Income Tax : This guide explains the taxation of capital gains, computation methods, capital assets, and transfer provisions under the Income-t...
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 : Karnataka High Court held that reopening a completed scrutiny assessment without fresh tangible material is impermissible as it am...
Income Tax : ITAT held that exemption under Sections 54/54F cannot be denied where sale proceeds are invested in a residential house within the...
Income Tax : ITAT held ₹33 crore settled rights over the entire land, allowing full indexed acquisition cost and rejecting proportionate rest...
Income Tax : ITAT held that substantial construction and structural improvements satisfied Section 54F. AO was directed to allow the deduction....
Income Tax : The ITAT held that Section 54 exemption must be examined separately for each residential house sold. The benefit cannot be restric...
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...
When the entire investment for the purchase of new house has gone through the assessee’s account then benefit u/s 54 of Income Tax Act cannot be denied on the ground the new house was purchased in the name of wife. Hence, the claim of the assessee u/s 54 of the Income Tax Act is allowed.
Merely for the reason that new residential house property has been purchased by assessee in wife name, same cannot be basis for denial of deduction claimed u/s 54F.
In our view, the issue relating to the assessees claim of deduction under section 54F, is debatable in nature. Merely because the assessee in the course of assessment proceedings, agreed for disallowance of its claim for deduction under section 54F, will not lead to a conclusion that the assessee has either furnished inaccurate particulars of income or concealed particulars of his income. That being the case, in our view, it is not a fit cause for imposition of penalty under section 271(1)(c).
It was the explanation of assessee that the legal opinion given by the Counsel that there is no capital gain on the STT paid transactions, was not accepted by AO stating that she is a promoter of a company and has a battery of legal advisors and her husband also has legal knowledge.
Where assessee failed to deposit the unutilized sales consideration under Capital Gain Account Scheme within the period specified under section 139(1) or 139(4), AO was justified in restricting the claim of deduction to the expenditure incurred upto the due date of filing return of income.
It was held that exemption under Section 54 only requires that the property should be of residential nature and the fact that the residential house consists of several independent units cannot be an impediment to grant relief under Section 54 even if such independent units were on different floors.
1. That on the facts and circumstances of the case and in law, the learned Commissioner (Appeals), XXVIII, New Delhi [hereinafter referred to as the learned CIT(A)] has grossly erred in denying the exemption to the Appellant under section 54F of the Income Tax Act, 1961.
In the case of more than one properties are purchased by the assessee, the option is available with the assessee to claim benefit under Section 54 in respect of the residential house purchased for the assessee’s own residence.
Section 54F does not cast any statutory obligation on the part of assessee to file his return of income within the stipulated time period contemplated u/s 139 or 148 of the ‘Act’, as a precondition for entitling him to claim exemption under the said statutory provision.
This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals) -20, Mumbai dated 17.04.2014 for the Assessment Year 2010-11. The only grievance of the assessee in his appeal is that the Ld.CIT(A) erred in denying the deduction u/s 54 of the Act.
