Home Highlights September 2014 Year 2014 This

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1. Disallowing the claim of exemption u/s 54-F - Belated filing of ITR - capital gain was not deposited by assessee before due date of filing return of income under section...

2. Claim of Exemption u/s 54 - there is no prohibition under the Act in claiming exemption u/s 54 in case assessee has not filed a return of income - Such legal claim can...

3. 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...

4. 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...

5. 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...

6. Exemption u/s 54 - LTCG - assessee has demolished existing residential building before sale - benefit of exemption not available - HC

7. Deduction claimed u/s 54F OR 54 - Investment of LTCG - Owning more than one house property - CIT(A) deleted the addition considering the same u/s 54 - Assessee revised...

8. LTCG - Benefit of deduction u/s. 54 denied - CIT(Appeals) has gone by the fact that there was absence of Occupation Certificate but this will not be a ground to deny the...

9. LTCG - As explained the reasons for not-depositing the amount in Capital Gains Accounts Scheme which is also not disputed. Since the assessee has substantially complied...

10. LTCG - Deduction claimed u/s 54 - Section 54(2) does not say that in case the assessee could not get the possession of the property, he is not entitled for exemption u/s 54 - AT

11. Eligibility of deduction u/s 54 - LTCG - The possession of the said flat was given on 21.02.2009 and agreement for sale was made on 30.03.2009. Old flat was sold on 6th...

12. LTCG - Exemption u/s 54 and 54EC - The property was received by the appellant as a 'gift'. The provision of subsection (1) of Section 49 of the Act is squarely...

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

14. 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...

15. Computation of capital gains - deduction u/s 48 or u/s 54 - consideration paid to wife under the condition of separation - should be considered as allowable deduction...