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 October 2021 Year 2021 This

Exemption u/s. 54F - The fact that the assessee got the property ...

Income Tax

October 1, 2021

Exemption u/s. 54F - The fact that the assessee got the property only in 2018 is due to reasons beyond the control of the assessee, which has been narrated in the earlier paragraphs. Hence the assessee should not suffer for the delinquency of the builder and accordingly we are of the view that the assessee should be granted deduction u/s 54F of the Act for the amount of ₹ 80 lakhs given to the builder within the prescribed time, subject to fulfillment of other conditions. - AT

View Source

 


 

You may also like:

  1. 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...

  2. 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

  3. Exemption u/s 54F - Mere non residential use subsequently would not render the property ineligible for benefit u/s.54F, if it is otherwise a residential property - AT

  4. Exemption of capital gains earned u/s 54F - delay in investment - purchase of flat in housing society as per MOU - the consequent delay being minor delay of 5 months...

  5. Disallowing the exemption claimed u/s 54 - Mere nonresidential use subsequently would not render the property ineligible for benefit u/s 54F, if it is otherwise a...

  6. 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

  7. 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...

  8. Deduction u/s 54F - Exemption from capital gain - merely because the property acquired is in a foreign country, exemption cannot be denied if all other conditions are...

  9. Exemption u/s 54F - belated filing of return - investment after due date but before actual date of filing of return - exemption allowed - AT

  10. Valuation of property - stamp duty purposes - Whatever may be the problems suffered by an assessee, in reality, those reasons cannot be permitted to go beyond the scope...

 

Quick Updates:Latest Updates