Read all Latest Updates on and about section 54 of the Income Tax Act

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Sale of Ancestral Property and Reinvestment in More than One Residential Units: Delhi HC says Multiple Investments Eligible for Exemption u/s 54 [Read Order]

Advika Dwivedi

The bench of the Delhi High Court ruled that exemption under Section 54 of the Income Tax Act, 1961, is not confined to investment in a single...

Only Unutilized Capital Gains Amount u/s 54F Taxable, Not Entire Capital Gains: ITAT [Read Order]

House sold for ₹67 lakh but only ₹1,690 shown in ITR: Know how Section 54 exemption helped secure...

Wife Sells Two Gifted Flats for ₹6 Crore and Pays No Income Tax: Here’s How

Only Registered Sale Agreements Eligible of Capital Gain Exemption u/s 54: ITAT says Unregistered...

Property with Shops and Single Room Not Eligible for S.54 Exemption: ITAT [Read Order]

The Agra Bench of Income Tax Appellate Tribunal ( ITAT ) held that a property comprising four shops on the ground floor and a single room on the first floor could not be treated as a residential...

ITAT allows LTCG Exemption u/s 54 of Income Tax Act in spite of Filing Belated ITR [Read Order]

In a recent ruling, the Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) decreed that filing of Belated Income Tax Returns does not disentitle Assessees from claiming exemptions of...

Tax Benefit Claim under Income Tax Act on Under-Construction Property: ITAT Directs to Calculate Benefit Based on Date of Possession

The Mumbai bench of the Income-tax Appellate Tribunal ( ITAT ) has held that in the case of an under-construction property, the date of possession must be considered to determine the eligibility of a...

ITAT allows deduction u/s 54 of Income Tax Act w.r.t respect of New Residential House Property Purchased in Name of Wife [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal ( ITAT ) allowed deduction under Section 54 of the Income Tax Act with respect to the new residential house property purchased in the name of the...

No Retrospective Effect on Amendment under S. 54 of Income Tax Act Restricting Investment In India: Bombay HC [Read Order]

The Bombay High Court has held that the amendment under section 54 of the Income Tax Act, 1961 has no retrospective effect on restricting investment in India as the amended provision would come into...

Capital gain exemption u/s 54F shall be available if assessee purchased Property outside India prior to amendment in Finance Act, 2014: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) Mumbai bench held that capital gain exemption under Section 54F should be available if the assessee purchased property outside India prior to the amendment in...

Failure to comply with Notice issued by FAA to E-Mail of assessee due to lack of knowledge in operation of online Computer Service: ITAT directs Re-adjudication [Read Order]

The Income Tax Appellate Tribunal (ITAT) Bangalore bench directs re-adjudication due to failure to comply with notice issued by the First Appellate Authority (FAA) to E-mail of assessee by reason of...