Tag Archives: Section 54F

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 »

Section 54F allowed even if amount not deposited in Capital Gain FDR Scheme but house purchased within time limit

By | October 21, 2017

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

By | March 21, 2017

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

By | November 24, 2016

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

By | November 2, 2016

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 »