Deduction u/s 54F - claim made for the first time before the ...

Appellate Authority Can Allow Section 54F Deduction Claim for Property in Spouse's Name, Even if Initially Unclaimed.

July 10, 2019

Case Laws Income Tax AT

Deduction u/s 54F - claim made for the first time before the CIT(A) - the appellate authority has power to consider a claim not made in the return and deduction u/s 54F was duly allowable where the property was purchased in the name of the wife of the assessee

View Source

← Previous Next →

Deduction u/s 54F - claim made for the first time before the ...

Appellate Authority Can Allow Section 54F Deduction Claim for Property in Spouse's Name, Even if Initially Unclaimed.

July 10, 2019

Case Laws Income Tax AT

You may also like:

Long-term capital gains deduction u/s 54F can be claimed for investment in a residential property not solely owned by the assessee. The assessing officer's sole...

The ITAT Chennai ruled on LTCG deduction u/s 54, stating that investment in more than one property is not allowed. Assessee invested in two distinct properties in...

ITAT adjudicated a tax dispute involving long-term capital gains (LTCG) and cost of acquisition determination. The tribunal directed the Assessing Officer (AO) to adopt...

Benami Property - Transaction entered into between spouses - while enacting the Act, the legislatures have kept in mind the practical scenario of the society where a...

Deduction u/s 54F is not available to an assessee who owns more than one house property at the time of purchasing a new property. The assessee, despite jointly...

The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

The subordinate authority is not empowered to supersede the orders passed by the appellate authority and an administrative discipline requires that the subordinate...

LTCG - Claim of deduction u/s. 54F - Even before us at this stage, the assessee has not produced any evidence to prove that she had invested in another residential house...

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...

ITAT ruled on joint property ownership and tax deduction claims. The tribunal allowed the assessee's claim under Section 54, finding no legal impediment to claiming...

Rectification u/s 154 - Deduction claimed u/s. 80IAB - Wrong classification of income under the head ‘income from house property’, has resulted in wrong claim of...

Assessee had claimed loss under the head income from house property’ by claiming deduction u/s 24(b) of the Act in respect of interest paid for purchase of house...

The ITAT Indore ruled on LTCG deduction u/s 54B for agricultural lands bought in the wife and family's names, but funded entirely by the assessee. Citing SHRI LAXMI...

Karnataka VAT - Effect of Conversion of partnership firm into joint stock company - Carry forward deduction of unabsorbed contractor payments - the adjudicating...

Claim of deduction u/s 80P(2)(d) - interest income received from Co-operative Bank - In the present case even though the assessee’s claim of deduction under section...

Quick Updates: