Revision u/s 263 - Assessee is entitled for deduction u/s 54 ...

Income Tax

September 16, 2020

Revision u/s 263 - Assessee is entitled for deduction u/s 54 since there is transfer of residential house property as observed hereinabove and for this part of the appeal, the assessee succeeds. Regarding the deduction claimed u/s 54EC assessee has not made the investment within stipulated time and this fact was also not examined by the AO - Revision order sustained on this issue. - AT

View Source

← Previous Next →

Revision u/s 263 - Assessee is entitled for deduction u/s 54 ...

Income Tax

September 16, 2020

You may also like:

LTCG - Deduction u/s 54 - Profit on sale of property used for residence - assessee was already in the possession of the residential house at the time of purchase of the...

LTCG - deduction u/s 54 denied - Despite the assessee's claim of having constructed a residential property within the specified timeframe, a physical inspection revealed...

Deduction u/s 54 - LTCG invested in buying two residential units - the assessee would only entitle to the benefit of section 54, 1) if the assessee invested the LTCG...

Revision u/s 263 - interpretation of ‘a residential house’ u/s 54 - AO with due application of mind, after making requisite inquiries, accepted assessee’s claim u/s 54...

Deduction u/s 54 - investment in two different houses - The Hon’ble Court’s opinion is that, the physical structure of a new residential house whether it is literal or...

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...

Claim of deduction u/s 54/54F - claim for two units - two residential units constructed by the Developer for the Assessee is “a” (one) residential house only - Board...

Validity of Revision u/s 263 - Allowing Exemption u/s 54 instead of 54F - Source of LTCG is not from residential house and since the assessee had earned capital gain on...

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...

LTCG - Period of holding of asset - deduction u/s 54 - So far as the residential building/house constructed on the said land is concerned, it was constructed in ay:...

LTCG - Deduction u/s 54F - The physical structuring of the new residential house, whether it is lateral or vertical, cannot come in the way of considering the building...

Deduction u/s 54 - Proportionate deduction - Denial of deduction as capital gains arising out of sale of original asset was not deposited in the Capital Gain Deposit...

LTCG - Denial of exemption u/s 54 - the ITAT observed that, for the purpose of claiming the benefit u/s 54 of the Act, within a period of one year before or two year...

Capital gain computation - cost of acquisition of the immovable property - The deduction on account of cost of acquisition is to be allowed with reference to the...

LTCG - Deduction u/s 54 on investment made in five house properties - Amendment made available on the statute, vide the Finance (No. 2) Act, 2014 w.e.f. 01.04.2015...

Quick Updates: