Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2016 Year 2016 This

Exemption u/s 54F - long term capital gains (LTCG) - it is ...


Assessee Denied Section 54F Exemption for LTCG Due to Ownership of Two Residential Flats at Asset Transfer Time.

March 30, 2016

Case Laws     Income Tax     AT

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 flats. Therefore, the assessee is not eligible for exemption u/s 54F - AT

View Source

 


 

You may also like:

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. Legal interpretation of the term "original asset" for claiming exemption u/s 54F of the Income Tax Act. It discusses the ownership rights over the "original asset" by...

  6. 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...

  7. LTCG - Benefit of exemption u/s 54F - Purchase of second residential house - assessee already owns one residential house in USA - Contention of the Ld. AR that the...

  8. Capital gain - LTCG - capital asset u/s 2(14) - Exemption u/s 54/54F - Right in the asset relinquished/ surrendered after booking of flat - Period of holding - surplus/...

  9. 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...

  10. Applicability of Section 64(1) and Section 54F of the Income Tax Act. Section 64(1) allows for the inclusion of a dependent spouse's income in the assessee's taxable...

  11. Assessee purchased four flats constituting single residential unit within stipulated time period u/s 54F. Despite separate identification numbers, flats were merged and...

  12. Eligibility for deduction u/s 54F - LTCG - the assessee in the instant case had purchased two flats in different locations. One at Warriam Road and the other at Layam...

  13. The assessee received two flats in exchange for old properties under a redevelopment agreement. Section 2(47) of the Act defines 'transfer' to include various...

  14. 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...

  15. Exemption u/s. 54F - Long term capital gains LTCG) - Joint ownership of new house property - no deduction shall be allowed if the assessee owns on the date of transfer...

 

Quick Updates:Latest Updates