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Income Tax - Highlights / Catch Notes

Home Highlights December 2018 Year 2018 This

Deduction u/s 54F - section 50C has no application in case the ...

Income Tax

December 15, 2018

Deduction u/s 54F - section 50C has no application in case the entire net sale consideration has been applied for acquiring the new house.

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  1. Exemption u/s 54F - he meaning of “net consideration” as regards Section 54F(1) is not governed by the meaning of “full value of consideration” as mentioned in Section 50C.

  2. Exemption u/s 54F - LTCCG - once entire net consideration is invested, the absence of completion certificate cannot be a ground to deny the benefit of deduction.

  3. 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...

  4. Additions u/s 50C - Once, the assessee has invested the entire actual sale consideration for purchase of agricultural land eligible for deduction U/s 54B as well...

  5. Deduction u/s 54F - there is nothing to bar benefits of exemption u/s 54F in respect of the capital gains relatable to the FVC as per the deemed fiction u/s 50C. - ...

  6. Exemption u/sec. 54F - net consideration computation to be invested or value fixed u/s 50C as stamp valuation - Under provisions of Sec. 54F of the Act, net...

  7. Sale consideration - sale of shops held as stock in trade - Section 50C does not apply to the present case as it applies only to a case of capital gains - HC

  8. Determination of LTCG - once the net sale consideration has been fully applied under the provisions of section 54F, then the deeming consideration as defined u/s. 50C...

  9. Denial of claim of deduction u/s 54F of the Act – Construction completed prior to sale of original asset - matter remanded back for re-verification of facts - AT

  10. Allowability of deduction u/s 54F - it was immaterial that the construction of the new building was started before the sale of the old building - exemption allowed - AT

 

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