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

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Shobha Builders Provide Self-Contained Flats, Expenses on Modular Kitchen, Wardrobes are Optional Luxuries: ITAT Narrows S. 54F Deduction [Read Order]

Navasree A.M

The Cochin Bench of the Income Tax Appellate Tribunal (ITAT) has held that expenses incurred by a taxpayer on optional interior fittings such as...

Deduction u/s 54F Cannot be Denied for Non-Deposit of Sale Proceeds Before Filing Return: ITAT [Read...

Deduction u/s 54F of Income Tax Act can be Allowed on Substantiating Assessee’s Intention to Repay...

ITAT Denies Section 54F Exemption for Property Purchased in Mother's Name [Read Order]

Gift of Property Share from Husband to Wife Eligible for Capital Gain Exemption, But Clubbing and...

Capital Gains Tax: Recent Judicial Trends and Their Implications

INTRODUCTION Capital Gains Tax (CGT) is defined under Section 45 of the Income Tax Act of 1961. The profit or gain from the sale or transfer of a capital asset is subject to capital gains...

ITAT Upholds S.54F Deduction as Capital Gain Compliance Met on Time, Dismisses Revenue’s Appeal [Read Order]

The Delhi Income Tax Appellate Tribunal ( ITAT ) has upheld the deduction claimed under Section 54F of the Income Tax Act, 1961, and dismissed the appeal filed by the department. The issue in this...

Annual Digest 2024: Supreme Court and High Court Cases on Taxation [Part 38]

This annual round-up analytically summarizes the key Direct and Indirect Tax Judgments of the Supreme Court and all High Courts of India reported at Taxscan.in during 2024. Purchases Claimed by...

Annual Digest 2024 - Supreme Court - High Court - High Court Cases - High Court Cases on Taxation [Part 38] - taxscan

‘Makaan in registered deed was not a residential house’: Delhi HC upholds ITAT's Interpretation of 'Residential House' for S. 54F Exemption [Read Order]

In a recent ruling, the Delhi High Court upheld the decision of the Income Tax Appellate Tribunal ( ITAT ) that the reference to a 'makaan’ in the registered deed was not a residential house...

ITAT directs AO to recompute Penalty on Incorrect Income Tax Deduction u/s 54EC [Read Order]

In a recent ruling, the Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) directed the assessing officer to re-compute the quantum of penalty on incorrect income tax deduction under...

Deduction u/s 54F of Income Tax Act Allowable On Construction Of The New Dwelling/Residential Unit: ITAT [Read Order]

The Chennai Bench of Income Tax Appellate Tribunal (ITAT) has held that deduction under section 54F of Income Tax Act, 1961 is allowable on construction of the new dwelling/residential unit. ...

Beneficial provision of S.54 F should be given a Liberal Construction to the Maximum Extent Possible: ITAT upholds Full Deduction for Purchase of Property in Wife's name out of Bank Loan [Read Order]

In the recent case, the Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Income-tax Assessing Officer ( AO ) to allow the claim of the assessee under Section 54F of the Income...