Deduction u/s.54F - Assessee holding more than one property - ...

Income Tax

September 11, 2021

Deduction u/s.54F - Assessee holding more than one property - joint ownership - AO Assessee has relinquished his rights on the two flats - it can be safely concluded that the relinquishment of the half share of his two properties is a family arrangement which cannot be considered as a tax avoidance plan. In view of the above, the Assessing Officer is not correct in denying the benefit of exemption u/s.54F of the Income Tax Act, 1961 to the Assessee.- AT

View Source

← Previous Next →

Deduction u/s.54F - Assessee holding more than one property - ...

Income Tax

September 11, 2021

You may also like:

LTCG - deduction u/s 54F - Ownership of more than one residential house at the time of sale of an original asset - The tribunal sided with the interpretation that joint...

LTCG - Deduction claimed u/s 54F - joint ownership of the assessee - divergent views of the Courts are available as regards the meaning of the term ‘own’ - joint...

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...

Deduction u/s 54F - where the assessee purchased new house out of his money, exempt ion under s.54F cannot be denied to the assessee, regardless of the fact that the...

Deduction u/s 54/54F - assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership...

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...

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...

Denial of deduction u/s 54F - allegation of investment in more than one house by assessee - The conclusion of Ld. AO overlooks the fact that the multi-storied building...

Gain on sale of land - capital gain or business income - The statement read as a whole does not indicate that the assessee has admitted as observed by A.O. in assessment...

Deduction u/s.54F - 5 properties which were purchased by the assessee by DRT auction wherein clubbed the same as one property - Assessee shall be granted with deduction...

Capital gain in respect of sale of only one property - addition u/s 50C - assessee itself had leasehold rights in the said property and hence in instant facts, the...

LTCG - exemption claimed u/s 54F - fractional ownership - Whether joint ownership of 16.67% in six flats constituted owning more than one residential house. - The ITAT...

Deduction u/s 54F - assessee purchased two properties - the requirement of the proviso is that if the assessee purchases any residential house other than the new asset...

Valuation of the property under gift - Assessment u/s 15(2) of the Gift Tax Act determining the taxable gift - The assessee or her legal heir is now contesting the...

Deduction u/s.54F - Receipt of 10 flats in lieu of Joint development agreement (JDA) of land - assessee did not offer any long term capital gain (LTCG) on entering into...

Quick Updates: