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

Ipsita Das

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,...

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

Income Earned and Declared by Wife on Sale of Jointly-Owned Property not taxable at the hands of...

Date of Possession of Flat is “Date of Actual Purchase” for the Purpose of Claiming Capital Gain...

No “Purchase” If Sale Deed Executed in favor of Assessee to Claim Capital Gain exemption u/s 54/54F:...

Provisions of S. 54F of Income Tax Act are Benevolent Provisions, requires Liberal Interpretation: ITAT [Read Order]

The Income Tax Appellate Tribunal ( ITAT ) recently held that section 54 of the Income Tax Act 1961 are benevolent provisions therefore, requires liberal interpretation and the assessee is entitled...

Capital Gain Exemption u/s 54 Allowable Even If Sale was Completed After Purchase of New Property: ITAT [Read Order]

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under Section 54 of the Income Tax Act 1961 would be allowed even if the sale was completed after...

CBDT Extends Time Limit for Compliance to be Made for Claiming Capital Gain Exemption [Read Circular]

The Central Board of Direct Taxes ( "CBDT” ) has issued a circular extending the time limit for compliance to be made for claiming any exemption under Section 54 to 54GB of the Income-tax Act,1961 in...

Depositing Unutilized Capital Gain in Deposit Account Scheme: ITAT grants Capital Gain Exemption [Read Order]

The Chennai Bench of the Income Tax Appellate Tribunal (ITAT), granted exemption under Section 54 of the Income Tax Act, 1961 (capital gain exemption) on depositing unutilized capital gain in Deposit...

ITAT allows Capital Gain Exemption on Purchase of New Residential Property upto date of filing of belated Income Tax Return [Read Order]

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), allowed capital gain exemption claim under Section 54 of the Income Tax Act on purchase of new residential property upto date of filing...

Utilization of Capital Gain within one year from taking possession of New Flat: ITAT allows Deduction u/s 54 and 54F [Read Order]

The Kolkata Bench of the Income Tax Appellate Tribunal (ITAT), allowed deduction under Section 54 and 54F of the Income Tax Act, 1961 on the ground that Utilization of capital gain within one year...

Once Exemption claimed on LTCG by Co-Owner has been accepted, then Capital Gain Exemption u/s 54 allowable for assessee: ITAT [Read Order]

The Ahmedabad Bench of the Income Tax Appellate Tribunal ( ITAT ) has held that when exemption claimed on Long Term Capital Gain (LTCG) by a co-owner has been accepted, then Capital Gain Exemption...

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