income tax act section 54

1782 results for income tax act section 54

  • vLex Rating
  • Selling Property in India and Repatriation of Money

    Tax exemptions According to section 54 of the Income-tax Act, if an NRI sells a residential property (after three years from date of purchase) and re-invests the proceeds in another residential property (within two years from date of sale), gains will be exempt to the extent of the cost of the new property. According to section 54EC of the Income-tax Act, if an NRI sells a long-term asset, in this case the residential...

  • Stt Payment Not Allowed As Expense When Computing Income Under 'Capital Gains'

    ... from paying property tax? - Bhaskar Malik As per Section 54 of the Income Tax Act, an individual can claim exemption from capital gains arising from the transfer of a residential house property if the following conditions are satisfied: (a) The house property that is transferred is a long-term capital asset (i.e., capital assets should be held for more than 36 months); (b) a new house is purchased within a year before, or within two years after

  • Liberal Dimensions Of Secti On 54 Of The Income Tax Act , 1961

    ...In other words, the taxpayer sold his residential property to purchase two units of residential property in the same building. Issue. whether the taxpayer should be given deduction under section 54 of the Act, in respect of different residential units in same building?. Before we discuss further, it would be worth discussing the provisions of section 54 of Income tax act of 1961. Section ...

  • Union Budget 2014 – Direct Tax

    ... preservation of the infamous retrospective amendment to section 9 and other corresponding sections. The BJP led Government has ...The Act means the Income-tax Act, 1961. Personal Income Taxation. Basic exemption ... invested in more than one as the article 'a' used in sections 54 and 54F does not denote a numerical value. Further, the SLP filed ...

  • Finance (No. 2) Act, 2014, of August 06, 2014

    ... Chapter I - PRELIMINARY . Section 1 - Short title and commencement . (1) This Act may be called .... Chapter II - RATES OF INCOME-Tax . Section 2 - Income-tax . (1) Subject to the provisions of .... Section 22 - Amendment of section 54 . In section 54 of the Income-tax Act, in sub-section (1), for ...

  • What's in a Name: Long-Term Capital Gains Exemption

    [...]various courts, including the Delhi and Karnataka high courts, have taken the view that even if the new residential house is purchased in the joint names of the taxpayer and his spouse or other close relative, the taxpayer cannot be denied the benefit of the exemption available for long-term capital gains on reinvestment in a residential house.

    New Delhi, Oct. 29 -- The Income-tax Act has two provisions for exemption of long-term capital ns on reinvestment in a residential house. While section 54 grants exemption of such gains arising on sale of a ...

  • No Tax Benefit Available On Short-Term Capital Gains Tax

    [...]if the new property is sold or the bonds are converted into cash within a period of three years, the exemption claimed from LTCG in respect of old property shall be revoked.

    ... three years for an under-construction property) as per section 54 of the Income-tax Act, 1961. Alternatively, the LTCG could be ...

  • Capital Gains On Transfer of Debt-Oriented Mutual Funds Are Taxable

    [...]the I-T Act has given different treatment to shares and units of mutual funds. [...]the capital gain arising from sale of units of MFs will not be taxable in India as per Article 13(5) of the treaty.

    ...Can I claim capital gain exemption under Section 54F?. - Anurag Kumar. Section 54F of the Income-Tax Act, 1961, ...

  • Gains Earned From Sale Of CCDs In A Joint Venture Are Capital Gains And Not Interest Income – Delhi HC

    ... the income tax department (the revenue) to provide a NIL withholding tax certificate under section 197 of the Act on the consideration received by the taxpayer for the sale of the CCDs. The tax ... had the option of conversion of some of the CCDs after certain specific period like 48 months, 54 months and 60 months. The court extracted certain relevant clauses from the SHA which held that if ...

  • Short-Term Capital Loss Can Be Carried Forward Only If You File I-T Return On Time

    Will I be able to carry forward the losses? - Prakash Madan Any short-term capital loss on sale of listed shares (i.e., those held for less than 12 months) are eligible for carrying forward and set-off against future gains under the same head of income, if you file your return of income within the prescribed due date. Since you had not done so, you cannot carry forward the loss.

  • Finance Bill, 2012, of March 17, 2012

    ...(2) Save as otherwise provided in this Act, sections 2 to 112 shall be deemed to have come into force on the 1st day f April, 2012. Chapter II . Rates of Income-Tax . 2 . Income-tax.-- . (1) Subject to the provisions of ... 18 . Amendment of section 54B.-- . In section 54B of the Income-tax Act, in sub-section (1), ...

  • Finance (No. 2) Act, 2009, of August 19, 2009

    ... Chapter: I - Preliminary . Section 1 - Short title and commencement . (1) This Act may be called ... Chapter: II - Rates of Income-tax . Section 2 - Income-tax . (1) Subject to the provisions of ... Section 54 - Amendment of section 140 . In section 140 of the Income-tax ...

  • I.T.A. No. 1670/Kol./2011, (Assessment Year: 2006-07). Case: Income Tax Officer Vs Poonam Jalan. ITAT (Income Tax Appellate Tribunal)

    1. This is an appeal filed by the revenue against the order of ld. Commissioner of Income Tax (Appeals)-XIX, Kolkata in Appeal No. 592/CIT(A)-VI/07-08/Ward-6(1) dated 14.09.2011 for the assessment year 2006-07. Shri Ajit Kr. Khan, ld. D.R. represented on behalf of the Revenue and Shri Pawan Kumar Agrawal, FCA, represented on behalf of the assessee.

  • IT Appeal No. 2529 (Bom.) Of 1983 [Assessment Year 1978-79]. Case: Income-Tax Officer Vs Anwar K. Porbandarwalla. Bombay High Court

    1. This appeal has been filed by the department against the order dated 15-2-1983 of the AAC, whereby, he has held that the assessee is entitled to the benefit of section 54(1) of the Income Tax Act 1961 (the Act). 2. The assessee had been in possession of the flat in question situated at Bandra as a tenant under one Smt. Khatijabai since the year...

  • Housing market in India: a comparison with the US and Spain.

    ... by individuals and households given increasing level of income and prosperity. The supply of houses have to come from builders, ... strengthening measures to extend housing to the weaker sections of the society. A number of measures were announced from 2001 but ...The disbursal of housing loans by 54 HFCs with 1,692 branches spread across the country increased from ...

  • The Income-Tax Act, 1995

    4. Charge of income-tax 1 (1)Where any Central Act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and 2[subject to the provisions (including provisions for the levy of additional income-tax) of, this Act] in respect of th...

  • Additional Deduction with Infra Bonds

    Just like a typical loan, these companies borrow money from investors by issuing bonds (to be repaid at a later date) and then lend this money to infrastructure projects. Since the money is to be lent to finance infrastructure projects and such projects have a large gestation period (time taken for projects to get completed and to start making money, thereafter), the government attached a longer

    ... out a separate tax deduction limit of Rs 20,000 under section 80CCF, in addition to the Rs 1 lakh limit already allowed under ... you save at the time of your investment (depending on your income-tax bracket) and the tax that you pay on your interest income. ...Section 54EC bonds. If you've made long-term capital gains (LTCG) of up to Rs ...

  • The Finance Act, 2008

    2. Income-tax. - (1) Subject to the provisions of sub-sections (2) and (3), for the assessment year commencing on the 1st day of April, 2008, income-tax shall be charged at the rates specified in Part I of the First Schedule and such tax as reduced by the rebate of income-tax calculated under Chapter VIII-A of the Income-tax Act, 1961 (hereinafter

  • ITA No. 183/Hyd/2012, (Assessment Year: 2008-09). Case: Smt. Nimmagadda Sridevi Vs The DCIT. ITAT (Income Tax Appellate Tribunal)

    1. This appeal by the assessee is directed against the order of the CIT(A)-IV, Hyderabad dated 25.11.2011 for assessment year 2008-09. The assessee raised the ground with regard to non-granting of deduction u/s. 54F of the Income-tax Act, 1961. 2. Brief facts of the case are that the assessee is a director in M/s. Veen Promoters Pvt. Ltd. There wa...

  • Tax Case (Appeal) No. 301 of 2014. Case: Commissioner of Income Tax Vs V.R. Karpagam. Chennai (Madras) High Court

    1. Whether on the facts and circumstances of the case, the Tribunal was justified in treating five independent flats in a multi-storey construction as a single residential unit under Section 54F, without considering the intention of the legislature to restrict the reinvestment to only one more residential unit under Section 54F? 2. Whether on the

  • Income-Tax (Appellate Tribunal) Rules, 1963, of April 17, 2009

    ... [NOTIFICATION NO. I-AT/63, DATED 17-4-1963] . In exercise of the powers conferred by sub-section (5) of section 255 of the Income-lax Act, 1961 (43of 1961), the Appellate Tribunal is pleased to .... 33.- Proceedings before the Tribunal. Except in cases to which the provisions of section 54 of the Indian Income-tax Act, 1922, and/or section 137 of the Act are applicable and cases in ...

  • ITA 1237/2011. Case: Commissioner of Income Tax Vs Gita Duggal. Delhi High Court

    1. The revenue has filed the appeal under Section 260A of the Income Tax Act, 1961 against the order dated 07.06.2001 passed by the Income Tax Appellate Tribunal in ITA 3613/Del./2010 for the assessment year 2007-08. The assessee which is the respondent in the appeal is an individual. In the computation of income filed along with the return of inco...

  • Special Civil Application No. 1312 of 2014. Case: Dhruv Parulbhai Patel Vs Assistant Commissioner of Income Tax. Gujarat High Court

    The petitioner as an individual, for the assessment year 2008-09 filed his return of income on 3.3.2009 showing total income of Rs. 4,43,830/-. During the period relevant to the assessment year, the petitioner had sold a residential property and claimed exemption under section 54 of the Income-tax Act ("the Act" for short). Amount which remained un...