Tag Archives: Section 54F

Date of Possession of Flat to be taken for Section 54F Relief : ITAT

By | March 5, 2022

Date of Possession of Flat to be taken for Section 54F Relief : ITAT IN THE ITAT INDORE BENCH Yogesh Jhingan v. Deputy Commissioner of Income-tax-(Central) CHANDRA MOHAN GARG, JUDICIAL MEMBER AND MANISH BORAD, ACCOUNTANT MEMBER IT (SS) APPEAL NO. 100 (INDORE) OF 2017 [ASSESMENT YEAR 2010-11] OCTOBER  5, 2021 Sumit Nema, Sr. Adv., Gagan Tiwari and Piyus Prashar,… Read More »

Leased property exceeding 12 year eligible for Section 54F exemption

By | March 3, 2020

 Shri N. Ramaswamy Vs ITO (ITAT Chennai)  ITA No. 925/Chny/2019 06/12/2019 Related Assessment Year : 2014-2015 FULL TEXT OF THE ITAT JUDGMENT This appeal of the assessee is directed against the order of the Principal Commissioner of Income Tax -1, Chennai, dated 12.02.2019 for the assessment year 2014-15, passed under Section 263 of the Income-tax Act, 1961… Read More »

Exemption U/s. 54F allowed even if investment in mutual fund made prior to purchase of residential house : ITAT

By | April 20, 2019

Held :- In our view deposit of money by the assessee inter-alia in mutual fund prior to purchase of residential house albeit will not make any difference if the assessee had purchased the residential house within the time provided by the Act ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru) Appeal Number : ITA No.… Read More »

Section 54 exemption allowed even if land purchased 1 year before transfer of original asset : ITAT

By | April 20, 2019

If a plot is purchased in contemplation of ensuing construction within a reasonable time even before the transfer of the original asset, there can be no fetters on the allowability of exemption u/s 54F, if other conditions are fulfilled.  The assessee acquired land in two parts for construction of a new residential house, viz, the… 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 »