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

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

Sneha Sukumaran Mullakkal

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...

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

Tax Benefit Claim under Income Tax Act on Under-Construction Property: ITAT Directs to Calculate...

ITAT allows deduction u/s 54 of Income Tax Act w.r.t respect of New Residential House Property...

No Retrospective Effect on Amendment under S. 54 of Income Tax Act Restricting Investment In India:...

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...

Capital Gain Exemption Allowable on Construction of Residential House Completed Within 3 Years: ITAT [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), held that the claim of capital gain exemption under Section 54 of the Income Tax Act, 1961 on construction of residential house completed...

Cost of New Property has to be Assessed as per Collaboration Agreement for Exemption u/s 54: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT) of Delhi bench has held that the cost of new property has to be assessed as per collaboration agreement for exemption under section 54 of the Income Tax Act,...

Income Earned and Declared by Wife on Sale of Jointly-Owned Property not taxable at the hands of Husband: ITAT [Read Order]

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently held that income earned and declared by the wife on sale of joint-owned property is not taxable at the hands of the...

Date of Possession of Flat is “Date of Actual Purchase” for the Purpose of Claiming Capital Gain Exemption u/s 54: ITAT [Read Order]

The Pune Bench of Income Tax Appellate Tribunal (ITAT) has held that the date of possession of flat would be the date of actual purchase for the purpose of claiming capital gain exemption under...

No “Purchase” If Sale Deed Executed in favor of Assessee to Claim Capital Gain exemption u/s 54/54F: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Delhi Bench, has recently, in an appeal filed before it, held that no purchase can be said to be made, if sale deed is executed in favor of the assessee to...