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 »
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 »
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 »
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 »
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 »
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 »
Held The assessee’s claim for exemption u/s 54F of the Act was rejected on the ground that the assessee was having two flats and one of the flat was transferred within a period of three years. This Tribunal is of the considered opinion that even though two flats were allotted, this has to be construed… Read More »
IN THE ITAT CHENNAI BENCH ‘A’ G. Ramesh v. Income-tax Officer, Non-Corporate Ward -17(1), Chennai CHANDRA POOJARI, ACCOUNTANT MEMBER AND G. PAVAN KUMAR, JUDICIAL MEMBER IT APPEAL NO. 180/MDS/2016 [ASSESSMENT YEAR 2011-12] JUNE 22, 2016 Related post Section 54F can’t be denied even if house construction Incomplete Cancellation of agreement did not affect Section 54F… Read More »
IN THE ITAT MUMBAI BENCH ‘SMC’ Rajeev B. Shah v. Income-tax Officer, Ward-19 (2) (1), Mumbai MAHAVIR SINGH, JUDICIAL MEMBER I.T. APPEAL NO. 262 (MUM.) OF 2015 [ASSESSMENT YEAR 2010-11] JULY 8, 2016 Subhash Shetty and R.N. Vasani for the Appellant. Somanath S. Ukkali for the Respondent. ORDER Mahavir Singh, Judicial Member – This… Read More »
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 »