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Capital Gain Exemption allowable Even If Amount invested in CG Account utilized for Purchase of New House without NOC within 2 Years: ITAT [Read Order]

Taxscan Team

The Income Tax Appellate Tribunal (ITAT), Delhi bench has held that the capital gain exemption under section 54 of the Income Tax Act, 1961 cannot be...

Budget 2019: Relief to Home Buyers, Capital Gain can be invested in Two Residential Houses

Date of Possession of Flat is the Date of Actual Purchase for claiming S. 54F Exemption: ITAT [Read...

Capital Gain of Multiple Years can be claimed against Purchase of New House: ITAT [Read Order]

Section 54 Relief not allowable when Builder returns Money for Flats Booked under Self-Finance...

Mutual Fund withdrawals invested in Villa and Bank eligible for S. 54F Deduction: ITAT [Read Order]

The Bengaluru bench of ITAT in ACIT v. Sunil Bandacharya Joshi held that the assessee is entitled to get income tax deduction on the mutual fund withdrawals invested in Villas and Bank under section...

S.54 Exemption not available if Payments are made on or before IT Returns Due Date: ITAT [Read Order]

In ITO vs. Leelavati Paattamahadei, the Cuttack Bench of the Income Tax Appellate Tribunal (ITAT) held that exemption under Section 54EC of the Income Tax Act, 1961 will be available to the assessee...

Section 54F Benefit can avail only in respect of a Single Residential House: ITAT [Read Order]

In The Asst. Commissioner of Income Tax vs. N.S. Viswanathan, the Cochin Bench of the Income Tax Appellate Tribunal (ITAT) held that exemption under section 54F of the Income Tax Act, 1961 prior to...

All Apartments received under Development Agreement would become “One House” for the purpose of s. 54 Exemption: ITAT [Read Order]

In Sudhir Naik HUF and others vs. Income Tax Officer, the Hyderabad ITAT held that all apartments received under a development agreement would become one house for the purpose of granting exemption...

Purchasing Two separate houses in different localities would disentitle Assessee from claiming Capital Gain Exemption u/s 54: ITAT [Read Order]

Bangalore bench of the ITAT, on Wednesday, observed that purchasing of two properties in different localities cannot be claim tax exemption under sec 54 of the Income Tax Act, 1961. The Assesse sold...

Investing in Multiple Flats will not deny the benefit of exemption from Long term Capital Gain Tax: Madras HC [Read Judgment]

The single bench of the Madras High Court, recently held that the benefit of exemption from Long term Capital Gain Tax under section 54F of the Income Tax Act, 1961 can be claimed by an assessee for...