बेटी के नाम House लिया तो भी मिलेगी Section 54F की Income Tax छूट I
बेटी के नाम House लिया तो भी मिलेगी Section 54F की Income Tax छूट I CA Satbir Singh
Tag Archives: Section 54F
Section 54F relief allowed for Two Houses adjacented to each other
There can be a situation that the family of the assessee is quite large, comprising of several members in the family and therefore he needs two properties adjacent to each other to accommodate his family members. So from the point of view of the assessee, it is single property but he got two different properties… Read More »
Leased property exceeding 12 year eligible for Section 54F exemption
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
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
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
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 »
Section 54F allowed even if amount not deposited in Capital Gain FDR Scheme but house purchased within time limit
Held Having come to the conclusion that the assessee had utilised the net consideration in construction of a house within the period of three years from the date of transfer, the question would be whether the absence of deposit of unutilised net consideration in a specific bank account as is required u/s 54F(4) of the… Read More »
Section 54F Exemption to HUF Allowed Even if property in Name of Karta
Held For the investment made in the individual capacity, even though HUF is an independent assessable unit under Income Tax Act, under the common law, HUF cannot be considered to be a legal entity. The HUF has to be represented through any one of the coparceners. Therefore, when the assessee HUF invested the funds in… Read More »
Section 54F claim not available on basis of Agreement to sale , Sale deed required
Held There was an agreement for purchase of land which was not carried out and matter was taken to Court, where parties entered into settlement for transfer of plot. Fact remains that no legal document having effect of transfer of immovable property was placed before Appellate Authority. Under the provisions of transfer of Transfer of… Read More »
Flats held as stock in trade are not second residential house, Section 54F allowed
Held Any stock in trade by profession is excluded from the definition of capital asset and in these circumstances the contention of the Revenue is that stock in trade is also included for applicability of Section 54F of the Act, in our view, cannot be accepted. HIGH COURT OF KARNATAKA Commissioner of Income-tax, Mangalore v.… Read More »