Exemption u/s 54F - Assessee given advance for purchase of land ...

Income Tax

April 10, 2020

Exemption u/s 54F - Assessee given advance for purchase of land in the year 2005 and accordingly acquired right for specific performance of agreement of sale - The said right constitutes “capital asset” within the meaning of sec.2(14) of the Act. Subsequently, the assessee has received money for giving up the said right. - Benefit u/s 54F allowed - AT

View Source

← Previous Next →

Exemption u/s 54F - Assessee given advance for purchase of land ...

Income Tax

April 10, 2020

You may also like:

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...

Revision u/s 263 - admissibility of deduction u/s 54F - CIT has misinterpreted the provision of law to hold that the assessee was ineligible to claim exemption u/s. 54F...

Exemption u/s 54B - LTCG was invested in the purchase of another agricultural land in the name of his wife - The term “assessee” is qualified by the expression...

Exemption u/s 54F(1) - The three parts/limbs cannot be intermingled to deny the benefit of 54F(1) to the assessee. The third part/ limb being applicable to the facts of...

Deduction u/s 54F - LTCG - Out of these 24 flats, 15 flats are already sold in the present year and remaining 9 flats are likely to be sold within the period of three...

Claim of exemption u/s 54F – amount advanced to his wife towards purchase of the property - assessee has 50% ownership over the property - exemption allowed - AT

Exemption u/s 54B - Since the land sold has been proven to be used for agriculture purpose in the preceding two years and the land purchased by the assessee has been...

Capital asset or Business asset - assessee had purchased the land for the purpose of constructing flats on it - Various reasons given by CIT(A) to treat the land as...

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...

Profits arising on sale of land - ‘business income’ OR 'capital gains' - after purchase of land assessee got if converted to NA land - the assessee also got a lay out...

Deduction u/s. 54F - purchase of land with old structure that is to be demolished - What has been in effect and substance purchased in the instant case, as also...

Revision u/s 263 - Assessee has regular dealings with these related persons/entities and necessary confirmation is on record and therefore, the findings of the ld PCIT...

Exemption u/s. 54F - LTCG on sale of jewellery - assessee has invested the full consideration of sale of jewellery in the purchase of the plot of land - The AO is...

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...

Deemed dividend u/s 2(22)(e) - assessee is a major share holder in loan granting company - Advance given for purchase of property - The words “loans or advances”...

Quick Updates: