LTCG - deduction u/s 54F - Ownership of more than one ...

Tribunal Affirms Joint Ownership Isn't Full Ownership, Allowing Tax Deduction Claim u/s 54F of Income Tax Act.

April 15, 2024

Case Laws Income Tax AT

LTCG - deduction u/s 54F - Ownership of more than one residential house at the time of sale of an original asset - The tribunal sided with the interpretation that joint ownership of property does not equate to full ownership, and hence does not disqualify the assessee from availing the deduction under section 54F of the Income Tax Act, following the reasoning of the Madras High Court over that of the Karnataka High Court.

View Source

← Previous Next →

LTCG - deduction u/s 54F - Ownership of more than one ...

Tribunal Affirms Joint Ownership Isn't Full Ownership, Allowing Tax Deduction Claim u/s 54F of Income Tax Act.

April 15, 2024

Case Laws Income Tax AT

You may also like:

LTCG - exemption claimed u/s 54F - fractional ownership - Whether joint ownership of 16.67% in six flats constituted owning more than one residential house. - The ITAT...

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...

The ITAT Pune dealt with a case involving denial of standard deduction and Chapter VIA deductions u/s 80C. The appellant, an individual earning income under the head...

Service tax demand with interest and penalty on reimbursement cost received from landowner for constructing flats under Joint Development Agreement set aside....

Deduction u/s 80P - interest income - The tribunal noted that section 80P(2)(a)(i) allows deduction for cooperative societies engaged in banking or providing credit...

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...

Joint ownership of multiple residential properties at the time of sale of the original asset does not disqualify the assessee from claiming deduction u/s 54F of the...

Section 50C's multiplicative rate applicability was challenged. The Income Tax Appellate Tribunal affirmed the Commissioner's order applying a factor of "1" to the...

TDS u/s 194C - Non deduction of TDS on payment to the persons who were not the owner of the vehicle - The Tribunal interpreted the term "owns" in section 194C(6) to...

ITAT adjudicated a tax dispute involving wind power generation unit transfer. The tribunal held that the transfer between parties constituted a valid slump sale, thereby...

ITAT partially allowed the appeal. In the transfer pricing dispute, the tribunal directed the TPO to exclude XS CAD India Private Limited from comparables, recognizing...

CESTAT adjudicated a service tax dispute involving multiple service providers. The tribunal partially allowed the appellant's appeal, exempting services provided to...

The Appellate Tribunal reviewed a case involving a revision u/s 263 related to deduction u/s 80P(2)(a)(i). The AO allowed interest income from FD investments as a...

Deduction u/s 80IA - ICD - Inland port - infrastructure facilities - deduction allowed - HC

The Appellate Tribunal adjudicated on the issue of addition of interest income and penalty u/s 271(1)(c). The assessee contended that the interest income from a Fixed...

Quick Updates: