Tag Archives: Section 54

Sec. 54 relief allowed if capital gain invested up to scheduled date of filing of revised ITR : ITAT

By | May 4, 2019

It can be safely be concluded that the assessee in the case before us was entitled to claim exemption u/s. 54 to the extent he had invested towards the purchase of the new residential property under consideration upto the date of filing of his revised return of income under Sec. 139(5) i.e. on 15.11.2014. IN… Read More »

Sec. 54 deduction allowed on purchase of flats even if investment is not from sale proceeds : ITAT

By | April 18, 2019

 we do not find any restriction/condition imposed mandating investment of the capital gain/sale proceeds towards purchase of new house for claiming deduction under section 54 of the Act. What the provision postulates is, for claiming deduction the assessee has to make investment in purchase of a new house one year before or two years after… Read More »

Basement is part of residential house; eligible for Sec. 54/54F : ITAT

By | April 6, 2018

IN THE ITAT MUMBAI BENCHES ‘J’ Assistant Commissioner of Income-tax Circle-16(1) Mumbai v. Shrey Sharma Guleri Prime Channel Software Communications (P.) Ltd. JOGINDER SINGH, JUDICIAL MEMBER AND N.K. PRADHAN, ACCOUNTANT MEMBER IT APPEAL NO. 6147 (MUM.) OF 2016 [ASSESSMENT YEAR 2009-10] MARCH  22, 2018 Saurabh Rai for the Revenue. Dilip V. Lakhani for the Assessee. ORDER   Joginder Singh,… Read More »

Sale proceeds of land appurtenant to residential house is entitled to section 54 relief: ITAT

By | April 22, 2017

IN THE ITAT DELHI BENCH ‘SMC’ Adarsh Kumar Swarup v. Deputy Commissioner of Income-tax, Circle-1, Muzafarnagar H.S. SIDHU, JUDICIAL MEMBER IT APPEAL NO.1228 (DELHI) OF 2016 [ASSESSMENT YEAR 2011-12] MARCH  28, 2017 M.P. Rastogi, Adv. for the Appellant. Ms. Bedobina Chaudhuri, Sr. DR for the Respondent. ORDER 1. The Assessee has filed this Appeal against… Read More »

Tax benefits of House in India

By | May 25, 2016

Tax benefits of House 1.  Tax benefits of House : Capital Gain Exemption in case of purchase of residential on Sale of residential house Section 54 of the Income Tax Act, provide for exemption for long term capital gains . Following are the conditions Exemption to individual or a Hindu undivided family The capital gain arises from… Read More »

Advance given to builder qualify for Section 54 Investment

By | February 27, 2016

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH  “A” BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER I.T.A. No. 7512/Mum/2013 Assessment Year : 2010-11 Shri Hasmukh N. Gala, Vs. Income Tax Officer 20(1)(3), Facts of the case The relevant facts are that the assessee is an individual who is engaged in… Read More »