Home Highlights July 2012 Year 2012 This

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1. Exemption under section 54F - it is sufficient for the assessee to utilize the capital gains for the purchase of a flat before the extended due date under section 139(4) - AT

2. Exemption u/s 54F - Denial of exemption as appellant received multiple number of flats - Amendment to section 54 & 54F, restricting the claim of deduction to one...

3. Claim of deduction u/s 54 of the Act - Two flats acquired under different agreements though single kitchen and used as one single unit - exemption allowed - HC

4. Exemption / deduction u/d 54F - assessee has purchased two separate flats under two separate agreements - Merely because the assessee has let out the two flats to one...

5. Five independent flats treated as single unit u/s 54F – the built up area got translated into five flats - the transaction was not with regard to the number of flats but...

6. Transfer of Cenvat credit from one registered unit to another - units merged and credit accounts of two units also merged, where credit balance of one unit before merger...

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. Exemption u/s 54F - belated filing of return - extended period u/s 139(4) has to be considered for the purpose of utilization of the capital gain amount - AT

9. Eligibility for exemption u/s 54F allowed even though the capital gain was invested in multiple residential units. - AT

10. 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...