Home Highlights February 2015 Year 2015 This

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1. 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...

2. 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...

3. Reopening of assessment u/s 147 - Deduction u/s 54 - The mere delay on the part of the developer to hand over the possession of the flat would not vitiate the claim of...

4. Eligibility of deduction u/s 54 and 54F - in return deduction claimed u/s 54F - in assessment proceedings revised his claim u/s 54 - AO is duty bound to allow deduction...

5. Capital gain computation - Failure of the assessee to offer capital gains in the appropriate year will not disentitle the assessee to claim cost of acquisition....

6. 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...

7. 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...

8. Capital gain computation - cost of acquisition of the immovable property - The deduction on account of cost of acquisition is to be allowed with reference to the...

9. LTCG - Deduction u/s 54F - Assessee has failed to deposit the unutilized amount in the Capital Gain Account out of the total investible/exempted amount - Assessee has...

10. Deduction u/s. 54F - claim in respect of the additional floors added to the new house - it is not the case of the department that the claim of the assessee is for an...

11. Disallowing the exemption claimed u/s 54/54F - sale of the bungalow as well as the land - assuming the assessee has claimed deduction under section 54F of the Act, then...

12. LTCG - Deduction u/s 54F - assessee is eligible for deduction u/s 54F even if the construction is commenced before transfer of the capital asset and completed the...

13. Benefit of exemption u/s 54F - To what extent the deduction is allowable to the assessee because the residential house was acquired by the assessee jointly with his...

14. Revision u/s 263 - AO has not conducted necessary inquiry before allowing deduction u/s. 54F, but simply allowed the claim made by the assessee. Section 54F of the Act...

15. The amount of tax paid in a foreign country which is not eligible for benefit u/s 91 of the Act, is expenditure eligible for deduction u/s 37(1) of the Act. It is...