LTCG - Exemption u/s 54F - assessee has purchased triplex flat - ...

Income Tax

April 13, 2024

LTCG - Exemption u/s 54F - assessee has purchased triplex flat - The Assessing Officer rejected the claim, arguing that the purchase did not qualify as a single residential house. However, the Appellate Tribunal overturned this decision, emphasizing the unity of structure and practical usage of the purchased flats. Despite the separate identification by the builder, the Tribunal focused on the internal connectivity and common facilities to deem the triplex flats as a single residential unit.

View Source

← Previous Next →

LTCG - Exemption u/s 54F - assessee has purchased triplex flat - ...

Income Tax

April 13, 2024

You may also like:

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...

Exemption u/s 54F - merging of 4 flats originally planed into one unit - exemption allowed - AT

Revision u/s 263 - bogus purchase - proof of nexus between the purchases and sales - once submission/reply filed by the assessee, pursuant to enquiry by the Assessing...

Exemption / deduction u/d 54F - assessee has purchased two separate flats under two separate agreements - Merely because the assessee has let out the two flats to one...

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...

Reopening of assessment - allegation of undisclosed source of purchase of property - If the Assessing Officer has to say that there are two properties purchased, either...

Revision u/s 263 - assessee has made purchases in cash - when the learned assessing officer was not required to enquire on those issues such as purchases in cash more...

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...

Exemption u/s 54F - Sale consideration - purchase of five flats - assessee was eligible for claiming exemption under section 54F of the Act on the five flats received...

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

Exemption u/s 54F - LTCG - three flats - while the flats at 13th & 14th Floor are duplex flats joined with each other but the fact remains the third flat is situated on...

Addition u/s 68 - bogus LTCG on shares - sharp scrips gain/prices - In fact, the brokers’ credibility was also doubted by the Assessing Officer and for which the...

Exemption u/s 54F - long term capital gains (LTCG) - it is undoubtedly clear that as on the date of transfer of original asset, the assessee has owned two residential...

Reopening of assessment u/s 147 - Assessing Officer to usurp the jurisdiction to reopen the assessment - The first Assessing Officer has made the reassessment after...

Claim of deduction u/s 54F denied - assessee is not able to get the title of the flat registered in his name or unable to get the possession of the flat, which is under...

Quick Updates: