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

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Deduction u/s 54 allowable on Multiple Residential Houses built in same physical location and contiguous place: ITAT [Read Order]

Taxscan Team

The New Delhi Bench of the Income Tax Appellate Tribunal (ITAT) upheld the CIT(A) order which allowed the deduction under section 54 of the Income...

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:...

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

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...

Transfer of Residential Property need not include Transfer of Land in order to claim Capital Gain Exemption u/s 54: Bombay HC [Read Judgment]

The Bombay High Court has held that in order to avail the benefit of capital gain exemption under Section 54 of the Income Tax Act transfer of land is not necessary along with the transfer of...

Capital Gain Exemption can’t be disallowed If Assessee invoked Wrong Provision due to Ignorance of Law: ITAT [Read Order]

The Mumbai 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 disallowed in a case where the assessee,...

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