Home Highlights October 2012 Year 2012 This

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1. Exemption u/s.54F - for all practical purpose, the vacant site adjacent to the existing building which was purchased by the assessee through the second sale deed also...

2. 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...

3. 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...

4. LTCG - denial of a claim of exemption u/s 54 - new residential house property was purchased only after the lapse of two years from the sale of original property - The...

5. 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...

6. 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...

7. LTCG - Computation of cost of acquisition of the property - Unless the Assessing Officer proves that the assessee has demolished existing building and dismantled...

8. 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:...

9. 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...

10. 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...

11. 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...

12. 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...

13. 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...

14. LTCG - Section 54 does not lay down that the construction of the new house must taken after the sale of the old residential house or that the sale proceeds of the old...

15. Exemption u/s.54 - LTCG - the assessee has sold two residential properties and re-invested in one residential property. Hence, entire conditions of Section 54 of the...