Home Highlights November 2013 Year 2013 This

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1. Deduction u/s 54, 54F & 54EC - capital gains arising out of a single transaction of sale of immovable property - there is no such bar that both the deductions, u/s 54...

2. 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...

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. LTCG - Rejection of deduction claimed u/s 54F - Deduction u/s 54F of the Act only induces an assessee to make investment in residential house property. If the assessee...

5. 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...

6. Deduction u/s 54F or u/s 54 - mere sale of land instead of land and building - The cost of the property declared by the assessee includes an amount for making the house...

7. Disallowance of exemption claimed u/s 54F - nature of the property as residential in nature - It does not make difference whether the property has been shown as...

8. 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...

9. Deduction u/s 54F - amount not deposited within time limit u/s. 139(1) but purchase flat before the extended time of filing of return u/s. 139(4) - assessee is entitled...

10. Deduction u/s 54B - investment made prior to the date of sale - Agriculture land- the assessee should be allowed the benefit of deduction under section 54B of the Act...

11. Benefit of exemption u/s 54F - To what extent the deduction is allowable to the assessee because the residential house was acquired by the assessee jointly with his...

12. Deduction of interest expenditure incurred on borrowed funds u/s 57 - Interest incurred on borrowed funds utilized for making investment in shares in company of...

13. Exemption u/s 54F - LTCG - investment made in the house property in USA - the investment in a residential house was made in USA prior to 01.04.2015, whereas, the...

14. Exemption u/s 54F - investment of new residential house in the name of assessee wife - claim of deduction U/s 54F of the Act cannot be denied merely on the ground that...

15. Undisclosed incomes - investment in Purchase/sale of immovable property - The onus on the department to prove that investment was made by Assessees or sale consideration...