LTCG - Exemption u/s 54F - assessee has purchased triplex flat - ...

Income Tax

April 13, 2024

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 residential house. However, the Appellate Tribunal overturned this decision, emphasizing the unity of structure and practical usage of the purchased flats. Despite the separate identification by the builder, the Tribunal focused on the internal connectivity and common facilities to deem the triplex flats as a single residential unit.

View Source

← Previous Next →

LTCG - Exemption u/s 54F - assessee has purchased triplex flat - ...

Income Tax

April 13, 2024

You may also like:

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

Exemption u/s 54F - merging of 4 flats originally planed into one unit - exemption allowed - AT

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...

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...

LTCG - Purchase of agriculture land – benefit of section 54F of the Act – There is no prohibition regarding construction of a residential house on agriculture land - AT

Exemption u/s 54F - LTCG - three flats - while the flats at 13th & 14th Floor are duplex flats joined with each other but the fact remains the third flat is situated on...

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...

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

Exemption u/s 54F - Sale consideration - purchase of five flats - assessee was eligible for claiming exemption under section 54F of the Act on the five flats received...

Entitlement to Exemption u/s 54F - assessee had admittedly paid the entire consideration for the purchase of the residential premises even before the capital gain...

Quick Updates: