Home Highlights July 2013 Year 2013 This

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1. Deduction u/s 54F - LTCG - quantum of investment to be made in the New House Property - Actual consideration or Value or transferred property determined as per Section...

2. Exemption u/s 54F - disallowance being long term capital gain on sale of plot - LTCG - section 54F nowhere envisages that the sale consideration obtained by assessee...

3. Disallowance u/s 54F - Investment of Sale consideration for claiming exemption on LTCG - Advance was given for purchase of new residential property but the transaction...

4. Exemption u/s 54F - he meaning of “net consideration” as regards Section 54F(1) is not governed by the meaning of “full value of consideration” as mentioned in Section 50C.

5. Exemption u/s 54F - merging of 4 flats originally planed into one unit - exemption allowed - AT

6. Exemption u/s 54F - artificial transfer of one house by way of gift deed - colourable device to claim exemption - The assessee artificially created a gift deed of the...

7. Disallowing the exemption claimed u/s 54/54F - sale of the bungalow as well as the land - assuming the assessee has claimed deduction under section 54F of the Act, then...

8. Validity of Reopening of assessment u/s 147 - entitlement to exemption u/s 54F - The High Court examines Section 54F of the Act and concludes that the reassessment is...

9. LTCG - eligibility or claim of exemption of u/s. 54F - As per AO new asset cannot be considered as acquired within 02 years of transfer of original asset - Since the...

10. Exemption u/s 54F - LTCCG - once entire net consideration is invested, the absence of completion certificate cannot be a ground to deny the benefit of deduction.

11. Denial of exemption u/s 54F - interpreting the meaning of the word residential house used in Section 54F(1) - assessee even otherwise is entitled to the benefit of...

12. Deduction u/s 54F - assessee is having more than one house - for all practical purposes, the assessee is the owner of the said houses, and therefore, is not entitled to...

13. Entitlement to the benefit of 54F - as the said purchase of the land was not within a period of one year prior to the sale of the capital asset or falling in any of the...

14. Exemption u/s 54F - LTCG - where assessee invested entire sale consideration in construction of a residential house within three years from date of transfer of land,...

15. Deduction u/s.54F - 5 properties which were purchased by the assessee by DRT auction wherein clubbed the same as one property - Assessee shall be granted with deduction...