Home Highlights January 2019 Year 2019 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. 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...

3. 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...

4. 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...

5. 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...

6. Deduction u/s. 54F - LTCG - Claim denied since the assesse was owning two house property - Assessee claimed that these properties are Farm House / Commercial property...

7. Exemption u/s. 54B - LTCG from sale of agricultural land - One of the conditions for claiming deduction u/s. 54F is that claim should have been made in the return of...

8. 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...

9. Exemption u/s 54F - disallowance being long term capital gain on sale of plot - LTCG - section 54F nowhere envisages that the sale consideration obtained by assessee...

10. 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...

11. 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

12. Validity of Assessment u/s 153A - in cases where the assessment or reassessment proceedings have already been completed and assessment orders have been passed, which...

13. Reopening of assessment u/s 147 - Computation of book profits u/s 115JB - MAT - if AO during scrutiny assessment notices a claim of exemptions made by the assessee...

14. 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...

15. Exemption u/s 54F - artificial transfer of one house by way of gift deed - colourable device to claim exemption - The assessee artificially created a gift deed of the...