Income Tax : The guide explains Sections 54 to 54GB, showing how taxpayers can claim capital gains tax exemptions through reinvestment, subject...
Income Tax : ITAT Bangalore restored the Section 54F claim after noting that medical issues and portal difficulties prevented timely filing of ...
Income Tax : The new law treats gains from depreciable assets as short-term capital gains for all purposes, not merely for computation. This ef...
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 : 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 : Assessee was entitled to deduction under section 54F in respect of the entire value of all 50 residential flats receivable under t...
Income Tax : The Tribunal held that a residential unit does not lose its residential nature merely because it is located within a building hous...
Income Tax : The Tribunal held that the amendment to Section 55A applies prospectively and could not be used for land transactions completed be...
Income Tax : The Tribunal held that for AY 2011-12, the Assessing Officer could not refer property valuation to the DVO when the assessee relie...
Income Tax : The ITAT Jaipur held that deduction under Section 54F cannot be denied merely due to delay in completing construction when the ass...
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...
Assessee was entitled to deduction under section 54F in respect of the entire value of all 50 residential flats receivable under the Joint Development Agreement. Prior to the amendment effective from 01.04.2015, exemption under section 54F could not be restricted merely because the investment was made in multiple residential units.
The guide explains Sections 54 to 54GB, showing how taxpayers can claim capital gains tax exemptions through reinvestment, subject to eligibility, timelines, limits, and compliance conditions.
The Tribunal held that a residential unit does not lose its residential nature merely because it is located within a building housing a nursing home. Proportionate exemption under Section 54F was therefore allowed.
The Tribunal held that the amendment to Section 55A applies prospectively and could not be used for land transactions completed before 01.07.2012. As the assessee had relied on a registered valuers higher valuation, the DVO reference was declared invalid and the appeal was allowed.
The Tribunal held that for AY 2011-12, the Assessing Officer could not refer property valuation to the DVO when the assessee relied on a registered valuers higher FMV. The capital gains computation based on the DVOs valuation was therefore set aside.
The ITAT Jaipur held that deduction under Section 54F cannot be denied merely due to delay in completing construction when the assessee had substantially constructed a habitable residential house within the prescribed period. The Tribunal directed deletion of the addition.
The Tribunal ruled that booking a residential flat and making substantial payments toward its acquisition can amount to a purchase for Section 54F purposes. Registration at a later date does not automatically defeat the exemption claim.
The case involved additions for alleged on-money in Godhavi land transactions based on a handwritten loose sheet. The Tribunal restored the matter for fresh consideration, highlighting issues relating to evidence and assessment findings.
The Tribunal ruled that deemed dividend arising from reduction of share capital qualified for exemption under Section 10(34). The decision followed earlier Bombay High Court rulings involving identical transactions and shareholders.
The Tribunal observed that delays in completion of housing projects by builders cannot deprive a taxpayer of Section 54 benefits when the investment was made within the prescribed time. Deduction was allowed despite non-delivery of possession.
