income tax act section 54
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 ...
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 ...
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 ...
Income Tax Appeal No. 2483 of 2011. Case: Commissioner of Income Tax Vs Devdas Naik. Bombay High Court
1. The appeal questions the order passed by the Income-tax Appellate Tribunal confirming that of the Commissioner of Income-tax (Appeals). The concurrent finding of fact in relation to the assessment year 2007-08 is questioned on the ground that the claim of deduction under section 54 of the Income-tax Act, 1961, was not tenable.
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 ...
Finance (No. 2) Act, 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 ...
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, ...
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.
O.C.J. Suit No. 1661 of 1945. Case: Official Assignee of Bombay Vs Mustafa Murtaza and Ors.. Bombay High Court
1. According to the evidence given by this witness, there are certain books which have come into his possession, as the Income-tax Officer, he having received them from the Anti-Corruption Branch, C.I.D., Bombay, as against his receipt dated 10th September 1949. Four books being items NOS. 2, 9, 14 and 15 in that receipt are sought to be called for...
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 ...
Income-tax Appeal No. 113 of 2004. Case: Commissioner of Income Tax and Anr. Vs D. Ananda Basappa. Karnataka High Court
1. The respondent-assesses is a Hindu undivided family. The assessee sold a residential house for Rs. 2,12,50,000 in the year October, 1995. The assessee purchased two residential flats adjacent to each other from M/s. Ormonde Private Developers Ltd. The assessee has, however, taken two separate registered sale deeds in respect of the two flats sit...
...The assessee sought for exemption under Section 54 of the Income Tax Act. 2. The assessing authority gave exemption for capital gains to the extent ...
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.
Income-tax Reference No. 156 of 1993. Case: Commissioner of Income Tax Vs Smt. Bharati C. Kothari. Calcutta High Court
"Whether, on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was justified in holding that the assessee is entitled to exemption under Section 54(1) since the agreement of purchase was made within one year from the date of sale and since substantial parts of instalments were paid within two years from the date of s...
Case: Income Tax Officer Vs Ms. Sheela Bhagwandas Nichlani and Mr. Bhagwandas A. Nichlani. ITAT (Income Tax Appellate Tribunal)
1. These appeals by the Revenue are directed against different orders dated 29.11.2007 and 28.12.2008 of CIT (A) for assessment year 2004-05 in cases of the assessees under reference. As the issues raised in these appeals are connected, these are being disposed of by single consolidated order for the sake of convenience. 2. We first take-up the ap...
...2.2 The second dispute is regarding allowability of deduction under Section 54 of the Income-tax Act. As per Section 54 of the Income-tax Act, capital gain arising from the ...
ITA No. 1876/M/2012 (Assessment Year: 2008-2009). Case: Yogesh Sunderlal Shah, F/107, Shreepal Industrial Estate, New Oshivara Bridge, S.V. Road, Jogeshwari (W), Mumbai - 400102 Vs The Assistant Commissioner of Income Tax 24(1), C/13, Pratyakshakar Bhavan, BKC, Bandra (East), Mumbai - 400051. ITAT (Income Tax Appellate Tribunal)
1. This appeal by the assessee is directed against the order dated 27.2.2012 of CIT (A) for the assessment year 2008-2009. The only dispute raised in this appeal is regarding allowability of exemption u/s 54 of the Act in respect of capital gain earned by the assessee from sale of house property. The facts in brief are that during the assessment pr...
...The only dispute raised in this appeal is regarding allowability of exemption u/s 54 of the Act in respect of capital gain earned by the assessee from sale of house property. The facts ... Aravinda Reddy (120 ITR 46) (SC) in which it was held that the word "purchase" occurring in section 54(1) had to be given its common meaning i.e. buy for a price or equivalent of price by payment in ...
IT Appeal No. 1876 (Mum) of 2012 [Assessment Year 2008-09]. Case: Yogesh Sunderlal Shah Vs Assistant Commissioner of Income-tax 24(1). ITAT (Income Tax Appellate Tribunal)
1. This appeal by the assessee is directed against the order dated 27.2.2012 of CIT(A) for the assessment year 2008-2009. The only dispute raised in this appeal is regarding allowability of exemption u/s 54 of the Act in respect of capital gain earned by the assessee from sale of house property. 2. The facts in brief are that during the assessment...
...The only dispute raised in this appeal is regarding allowability of exemption u/s 54 of the Act in respect of capital gain earned by the assessee from sale of house property. 2. The ... Aravinda Reddy 120 ITR 46 (SC) in which it was held that the word "purchase" occurring in section 54(1) had to be given its common meaning i.e. buy for a price or equivalent of price by payment in ...
Income Tax Appeal No. 449 of 2009. Case: M.B. Ramesh S/o Sri C. Basavaraj URS Vs The Income Tax Officer. Karnataka High Court
1. The appellant is an individual assessee and in respect of return of income for the assessment year 1997-98 had claimed certain exemptions under Section 54 of the Income Tax Act, 1961 [for short 'the Act'] on the premise that the profits earned out of sale of the residential property has been reinvested in a like property and therefore sought to
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...
Criminal Revision No. 120 of 1942. Case: Emperor Vs Osman Chotani. Bombay High Court
2. Three persons are being charged with the offence of cheating, the general nature of the case alleged against them being that accused Nos. 1 and 2 having purchased steel of an inferior quality at a cheap price in the bazaar, resold it through the instrumentality of accused No. 3 to a Government Department at a greatly enhanced price, falsely repr...
... defect, the investigating officer served a summons on the Income Tax Commissioner of Bombay, under Section 65 of the Bombay City ... himself precluded from so doing by the provisions of Section 54 of the Indian Income Tax Act, as he clearly was. Thereupon the ...
- Computer Programme- An Intellectual Property. With reference to Protection and Challenges before India
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 ...
Finance Bill, 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
... 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 ...