Home Highlights January 2014 Year 2014 This

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1. Exemption from long term capital gains (LTCG) u/s 54F - Construction or acquisition of property - earlier structure was demolished and new construction was made on the...

2. 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...

3. LTCG - Deduction u/s 54F - whether the assessee herein has actually constructed any residential house within the meaning, object and time laid down u/s. 54F of the Act,...

4. Deduction u/s 54F - LTCG - quantum of investment to be made in the New House Property - Actual consideration or Value or transferred property determined as per Section...

5. 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...

6. 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...

7. Exemption u/s 54F - LTCG - completion of construction or just investment - Nowhere does the provision lay down a stipulation of completion of construction as a condition...

8. Exemption deduction u/s.54F - Merely not keeping the amount in capital gain tax and keeping the same in the bank account and utilizing the same within the statuary...

9. 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

10. 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...

11. Exemption u/s 54F - Mere non residential use subsequently would not render the property ineligible for benefit u/s.54F, if it is otherwise a residential property - AT

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

13. Claim of exemption u/s 54F - It is enough that the assessee procures the new property within the stipulated time provided in section 54F to claim the exemption. How the...

14. 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...

15. Deduction u/s 54F - Exemption from capital gain - merely because the property acquired is in a foreign country, exemption cannot be denied if all other conditions are...