Home Highlights April 2014 Year 2014 This

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1. Disallowing the exemption claimed u/s 54 - Mere nonresidential use subsequently would not render the property ineligible for benefit u/s 54F, if it is otherwise a...

2. 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...

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. Denial of the exemption u/s 54 - Nature of property sold - as far as shops are concerned, even where they are built on a residential plot of land (land use not being...

5. Exemption u/s 54 / 54F - While section 54 of the Act deals with capital gains arising out of transfer of buildings or lands appurtenant thereto and being residential...

6. Exemption u/s 54 - sale of residential property OR vacant land with malba - From the Clause of collaboration agreement, it can be seen that what was transferred / handed...

7. LTCG - Benefit of exemption u/s 54F - Purchase of second residential house - assessee already owns one residential house in USA - Contention of the Ld. AR that the...

8. Denial of exemption u/s 54F - LTCG - No case law has been brought to our notice wherein two distinctly placed properties have been allowed for claim of deduction u/s 54F....

9. Exemption u/s 54/54F - The assessee should not own more than one residential house, other than the new asset. The word used in the section is the residential house but...

10. Exemption u/s 54F - the amendment to provision of section 54F is effective from April 1, 2015, which makes it clear that benefit of section 54F will be applicable to one...

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. LTCG - Deduction u/s 54F - Purchase of farmhouse - There is no finding by the learned assessing officer that assessee has purchased excessive land which would be used as...

13. LTCG - Exemption u/s 54F - As seen that both the plots, namely, 28 and 29 were simultaneously purchased and are adjacent to each other. The assessee has claimed that...

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

15. 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...