Tag: capital gain deduction u/s 54

Law does not require needless formalism when substantive compliance is manifest – ITAT deleted disallowance of exemption made under section 54 – ITAT  In a recent judgment, ITAT Mumbai has deleted disallowance of exemption made u/s 54 of the Income Tax Act on the premise that the assessee …

High Court directed closure of Capital Gain Deposit Scheme (CGDS) Account opened mistakenly by the assessee on wrong advice by tax consultant. In a recent judgment, Hon’ble High Court of Meghalaya has directed Income Tax Authorities to expeditiously close the Capital Gain Deposit Scheme (CGDS) Account of the …

High Court allows capital gain exemption u/s 54(1) on purchase of seven row houses before the amendment brought w.e.f. 01.04.2015. In a recent judgment, Hon’ble Bombay High Court has held that the words ‘a residential house’ in unamended Section 54(1) of the Income Tax Act would not mean …

When land appurtenant was sold without building, it is not sale of residential property but sale of  adjacent land and not qualified for exemption under section 54 of the Income Tax Act, 1961 In a recent judgment ITAT Allahabad upheld denial of exemption under section 54 holding that …

Exemption u/s 54 cannot denied if construction of flat not completed by builder within three years – ITAT In a recent judgment, the ITAT Mumbai has held that the house buyer who intends to take the benefit of section 54 of the Act, cannot be blamed if the …

Capital gain exemption u/s 54 allowed for investment made in the name of spouse. Purposive construction is to be preferred as against the literal construction In a recent judgment, the ITAT following the guidance provided by various High Courts and Coordinate Benches, allowed capital gain exemption u/s 54 …

Depositing unutilized capital gain amount in a special account is only a procedural matter, and non-compliance thereof cannot result in disallowance of deduction u/s 54 – ITAT ABCAUS Case Law Citation:ABCAUS 3806 (2023) (09) ITAT Important Case Laws relied upon by parties:CIT vs Venkata Dilip Kumar (277 taxman …

Capital Gain Exemption u/s 54 wrongly claimed under section 54F allowed being bonafide typographical mistake ABCAUS Case Law Citation:ABCAUS 3739 (2023) (05) ITAT Important Case Laws relied upon:ITO v Anirudh Ashok JajooShrikar Hotels (P.) Ltd. vs. Commissioner of Income-tax 79 taxmann.com 63Commissioner of Income-tax vs. Natraj Stationery Products …

Payment made by family member for purchase of new property not a bar to assessee in claiming exemption u/s 54F. No one to one co-relation is essential and investment in the name of assessee made within stipulated time is entitled to exemption – ITAT ABCAUS Case Law Citation:ABCAUS …

Capital Gain Exemption u/s 54 and 54F for investment in residential house limited to Rs. 10 crores Section 54 and section 54F of the Income-tax, 1961 allows deduction on the Capital gains arising from the transfer of long-term capital asset if an assessee, within a period of one …