Home Highlights April 2014 Year 2014 This

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1. Disallowing the claim of exemption u/s 54-F - Belated filing of ITR - capital gain was not deposited by assessee before due date of filing return of income under section...

2. Claim of Exemption u/s 54 - there is no prohibition under the Act in claiming exemption u/s 54 in case assessee has not filed a return of income - Such legal claim can...

3. Exemption u/s 54 - denial of claim on purchase of property abroad - the investment in purchase of residential house in UK was made in July, 2013 and as such the claim of...

4. Deduction claimed u/s 54F OR 54 - Investment of LTCG - Owning more than one house property - CIT(A) deleted the addition considering the same u/s 54 - Assessee revised...

5. Exemption u/s 54 - assessee has invested in three residential house properties at three different places - scope of amendment - whether exemption is available in respect...

6. LTCG - deductions claimed u/s 54 & 54EC - scheduled property acquired through settlement deed executed by the grandfather of the assessee - Since the asset held by the...

7. Exemption u/s 54F - Mere non residential use subsequently would not render the property ineligible for benefit u/s.54F, if it is otherwise a residential property - AT

8. Nature of income on sale of flat – Exemption u/s 54 claimed - income is in the nature of business, therefore, the deduction u/s 54 not applicable - AT

9. Denial of the benefit claimed u/s 54 EC - exemption under section 54 EC is available even when the part of capital gain is invested in specified long-term asset - AT

10. Exemption u/s 54 - LTCG - Merely because assessee had availed house building loan from bank for purchasing a new residential unit, that cannot act as a disqualification...

11. Exemption u/s 54 is available on purchase of car parking space along with flat - AT

12. 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...

13. LTCG - Exemption u/s 54 and 54F - Imposing the restriction on claiming high value deduction taken by high-net-worth assessees - Maximum deduction can be claimed upto 10...

14. Disallowance of exemption u/s. 54 - CIT(A) was very much in powers to consider the claim of the assessee which was left half way by the Ld. AO. Then, upon going through...

15. 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...