![Transfer of Residential Property need not include Transfer of Land in order to claim Capital Gain Exemption u/s 54: Bombay HC [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2018/04/Development-Agreement-Capital-Gain-Taxscan.jpg "Transfer of Residential Property need not include Transfer of Land in order to claim Capital Gain Exemption u/s 54: Bombay HC [Read Judgment]")
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...
![Making Wrong Claim u/s 54 instead of 54F wouldn’t attract Penalty: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2019/03/Wrong-Claim-ITAT-Deduction-Taxscan.jpg "Making Wrong Claim u/s 54 instead of 54F wouldn’t attract Penalty: ITAT [Read Order]")
![Income Tax Exemption available for New House purchased in Foreign Countries: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2019/03/Income-Tax-Exemption-ITAT-Taxscan.jpg "Income Tax Exemption available for New House purchased in Foreign Countries: ITAT [Read Order]")
No Tax Relief for Sale of Old House If New One purchased in Wife & Daughters’ Name: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Mumbai bench has held that no tax relief under section 54 can be granted to the assessee for the sale of an old property if the new property was purchased in...
![No Tax Relief for Sale of Old House If New One purchased in Wife & Daughters’ Name: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2017/02/Capital-Gain-Taxscan.jpg "No Tax Relief for Sale of Old House If New One purchased in Wife & Daughters’ Name: ITAT [Read Order]")
Date of Obtaining absolute Legal Ownership of the Asset not relevant for granting Deduction under Sec 54: ITAT [Read Order]
The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) in the case of Ramesh A. Radhakrishnan v. ACIT held that the date of obtaining absolute legal ownership of the asset is not relevant for...
![Date of Obtaining absolute Legal Ownership of the Asset not relevant for granting Deduction under Sec 54: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/06/Section-54-Deduction-Taxscan.jpg "Date of Obtaining absolute Legal Ownership of the Asset not relevant for granting Deduction under Sec 54: ITAT [Read Order]")
S. 54 Benefit can’t be denied to a Joint Owner who made Investment for Purchase of Flat: ITAT [Read Order]
The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) has held that the benefit of capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be denied to a joint owner who...
![S. 54 Benefit can’t be denied to a Joint Owner who made Investment for Purchase of Flat: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/08/ITAT-Taxscan.jpg "S. 54 Benefit can’t be denied to a Joint Owner who made Investment for Purchase of Flat: ITAT [Read Order]")
![Revised Return can be Filed after Receiving Income Tax Notice: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/06/Revised-Return-Taxscan.jpg "Revised Return can be Filed after Receiving Income Tax Notice: ITAT [Read Order]")
No Quantum of Construction on Land defined for Assessee to be Eligible for Exemption u/s 54: Rajasthan HC [Read Order]
In Pr. Commissioner of Income Tax vs. Prakash Chand Modi, the Rajasthan High Court held that Section 54 of the Income Tax Act, 1961 doesn’t define the quantum of Construction residential houses...
![No Quantum of Construction on Land defined for Assessee to be Eligible for Exemption u/s 54: Rajasthan HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/05/Construction-Taxscan-1.jpg "No Quantum of Construction on Land defined for Assessee to be Eligible for Exemption u/s 54: Rajasthan HC [Read Order]")
Booking of Flat with Builder can be treated as ‘Construction of Flat’ for the purpose of Sec 54: ITAT follows CBDT Circular [Read Order]
While hearing the case of Vineet Kumar Kapila, Delhi bench of Income Tax Appellate Tribunal, followed the circular issued by the Central Board of Direct Tax (CBDT), ruled that booking of flat with the...
![Booking of Flat with Builder can be treated as ‘Construction of Flat’ for the purpose of Sec 54: ITAT follows CBDT Circular [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/02/Flat-Taxscan.jpg "Booking of Flat with Builder can be treated as ‘Construction of Flat’ for the purpose of Sec 54: ITAT follows CBDT Circular [Read Order]")
Sec 54 Exemption is allowable even When Assessee Invested more than the Sale Proceeds of the Industrial Gala for purchase of Two Flats: ITAT [Read Order]
The Mumbai bench of Income Tax Appellate Tribunal recently said that the exemption under Section 54 of the Income Tax Act is allowable even when assessee has invested more than the sale proceeds of...
![Sec 54 Exemption is allowable even When Assessee Invested more than the Sale Proceeds of the Industrial Gala for purchase of Two Flats: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2018/02/Flats-Taxscan.jpg "Sec 54 Exemption is allowable even When Assessee Invested more than the Sale Proceeds of the Industrial Gala for purchase of Two Flats: ITAT [Read Order]")