Reading of section 54EA of the Act makes it very clear that in case, the whole or any part of the net consideration of sale is invested in Specified Securities within a period of six months after the date of transfer, the deduction under section 54EA is available. The Net Consideration has been defined in Explanation to section 54EA of the Act.
Section 54EC of the Act having given the respondent a choice of investing either in the bonds of Rural Electrification Corporation Limited or the National Highway Authority, the revenue cannot insist that the respondent ought to have invested its capital gain on sale of property in the bonds of the National Highway Authority.. The statue itself provides that the assessee, who is subject to long terms capital gain tax, can avail of exemption under Section 54EC of the Act if he invests in bonds of either the National Highway Authority of India or the Rural Electrification Corporation Limited.
In the context of section 47(i) and (iii), this gift referred to therein, is a gift by an individual or a Joint Hindu Family or a Human Agency. Section 47(iii) speaks of ‘any transfer of a capital asset under a gift, or will or an irrecoverable trust’. Execution of a will involves a human agency. Cannot the expression gift take its colour from a will with which it is juxtaposed, especially in the background of clause (i) of section 47 and clause (ii) which earlier existed.
1. Register online to view your EPF Account Passbook. 2. The facility at present is only for the members for whom the employer has uploaded the Electronic Challan Cum Return for the wage month of May 2012 onwards. 3. There is no need to create and remember any user id and password. You have to use your mobile number and any of your following identification proof number such as PAN, AADHAR, NPR (National Population Register), Bank Account, Voter ID, Passport or Driving License to register and thereafter to login.
On one hand where inflation is not coming under control and on the other, economic slowdown, globally as well as domestically, resulting in curb on income streams, it becomes imperative for people to work out for some additional source of income to either bridge the gap or earn more to continue to live the life as usual. This calls for some extra sources of income over and above regular sources.
This article aims to discuss few essential issues that require to be addressed in light to the changes brought by negative list provisions, the jeopardy created by the board’s circulars and complexity of structures adhered to in this industry. Broadly the article shall cover the aspects as mentioned hereinafter: – (Strictly relevant to real estate only)
If the assessee treats expenditure on acquisition of assets as application of income for charitable purposes under section 11(1)(a) and if the assessee claims depreciation on the value of such assets, then in order to reflect the true income to be available for application for charitable purposes, the assessee should write back in the accounts the depreciation amount to form part of the income to be accounted for application for charitable purposes.
The issue of certificate under Sub-section (1) of Section 197 of the Act is mandatory on fulfilment of conditions enumerated under the rules. For determining the existing and estimated liability of the assessee where tax deduction is from income other than dividends, the Assessing Officer is to be guided by Sub-rule (2) of Rule 28AA of the Rules.
Exemption under section 54E of the Income-tax Act cannot be denied to the assessee on account of the fiction created in section 50. It is true that section 50 is enacted with the object of denying multiple benefits to the owners of depreciable assets. However, that restriction is limited to the computation of capital gains and not to the exemption provisions.
CIT can review the grant of registration at any time because the words used in the provision are, and subsequently the Commissioner is satisfied, which means that registration can be reviewed at any given point of time. There is no question, that once the registration is granted, the issue of registration becomes functus officio.
