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Capital Gain Exemption u/s 54 Allowable to More than One Residential Houses: ITAT [Read Order]

Taxscan Team

Capital gain exemption u/s 54 of the Income Tax Act,1961 is allowable to more than one Residential house, the Chennai Bench of the Income Tax...

Statutory Benefit of Capital Gain Exemption cannot be denied for Mere Inclusion of Wife’s Name on...

Deduction u/s 54 allowable on Multiple Residential Houses built in same physical location and...

Newly Purchased Asset was found as Residential Property on Physical Inquiry: ITAT allows Capital...

Expenditure towards Repairs to make House habitable deductible from Capital Gain: ITAT [Read Order]

Advance given for Purchase of Flat prior to Sale of Asset eligible for Capital Gain Deduction: Madras High Court [Read Judgment]

The Madras High Court held that there is no prohibition on claiming capital gain deduction in respect of investments made prior to the sale of old assets. The Single bench held that the amount of...

Capital Gain Deduction can’t be denied on ground of Procedural Lapses: ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the benefit of section 54 of the Income Tax Act, being a beneficial provision, cannot be denied to the assessee due to...

Capital Gain Deduction can’t be disallowed due to Non-Investment in Capital Gains Deposit Scheme: ITAT [Read Order]

In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the capital gain deduction under section 54 of the Income Tax Act, 1961 cannot be disallowed to...

Purchase of Property in the name of Son eligible for Capital Gain Exemption: ITAT [Read Order]

In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Delhi bench has recently allowed capital gain exemption under section 54 of the Income Tax Act, 1961 to the assessee for the...

Cost of New Residential House includes Cost of Land Purchased u/s 54: ITAT [Read Order]

The visakhapatnam bench of the Income Tax Appellate Tribunal (ITAT), held that the cost of new residential house includes cost of land purchased under section 54 of the Income Tax Act,1961. The...

Sale Proceedings need not be Invested in Specified Govt Scheme New Property is purchased within Three Years: ITAT [Read Order]

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that there is no need to invest the sale proceedings in the specified Government schemes when the assessee has purchased the new...

Purchase of Land before Sale of Capital Asset ineligible for Income Tax Deduction: ITAT [Read Order]

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be availed in case of purchase of land...

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