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 January 2020 Year 2020 This

Deduction claimed u/s 54 - Since the assessee has furnished the ...


Taxpayer's Deduction u/s 54 Allowed for Village House Construction Without Approvals; No Grounds to Disallow Section 54F.

January 10, 2020

Case Laws     Income Tax     AT

Deduction claimed u/s 54 - Since the assessee has furnished the required details and constructed the small house at the village, where no approvals or permissions are necessary, we do not find any reason to disallow the deduction claimed by the assessee u/s 54F.

View Source

 


 

You may also like:

  1. LTCG - Deduction u/s 54 - Adoption of the cost of acquisition of new asset - - what is to be treated as cost of the residential house is the entire cost of house and it...

  2. Deduction u/s. 54 - the booking of bare shell of a flat is a construction of house property and not purchase, therefore, the date of completion of construction is to be...

  3. Long-term Capital gains - deduction u/s 54 - for claiming deduction u/s 54, the construction of the house should be completed within the prescribed time limit and date...

  4. LTCG - Period of holding of asset - deduction u/s 54 - So far as the residential building/house constructed on the said land is concerned, it was constructed in ay:...

  5. Deduction u/s 54 - investment in two different houses - The Hon’ble Court’s opinion is that, the physical structure of a new residential house whether it is literal or...

  6. Assessee is eligible for deduction u/s 54, even if new residential house is purchased within one year before transfer of capital asset, utilizing funds other than sale...

  7. IT Capital Gains Exemption u/s 54, residential house, Construction of four flats, It has to be construed only as ‘a residential house’, exemption allowed

  8. 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...

  9. LTCG - Deduction u/s 54 - Profit on sale of property used for residence - assessee was already in the possession of the residential house at the time of purchase of the...

  10. LTCG - deduction u/s 54 denied - Despite the assessee's claim of having constructed a residential property within the specified timeframe, a physical inspection revealed...

  11. Deduction u/s 54F or u/s 54 - mere sale of land instead of land and building - The cost of the property declared by the assessee includes an amount for making the house...

  12. LTCG - Section 54 does not lay down that the construction of the new house must taken after the sale of the old residential house or that the sale proceeds of the old...

  13. Benefit of section 54 - Expenditure incurred on improvement/ renovation of the new residential house for the purpose of deduction under section 54 allowed - AT

  14. Deduction u/s 54 - assessee has utilized other funds (apart from sale consideration) for constructing residential house and for this reason only he cannot be denied...

  15. The ITAT Surat held that the assessee failed to fulfill conditions for LTCG deduction u/s 54F but allowed the deduction. The assessee used advance payments for...

 

Quick Updates:Latest Updates