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54F+EXEMPTION | Indian Case Law - CaseMine The sole issue raised in this appeal is that whether the exemption under Section 54F of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act exemption of capital gain to the extent of Rs 3,18,59,276 - under Section 54F of the Act on account of purchase of a new house property
Section 54F Exemption for Jointly Held Under-Construction Property The assessing authority disallowed the claim made by the assessee under section 54F of the Act as the assessee was legally owner of more than one residential property, thereby violating the proviso to section 54F of the Act according to which the assessee in order to claim exemption under this section should not have been owner of more than one residential property on the date of transfer of original capital asset in the form of a plot
Section 54F of Income Tax Act: Capital Gains Can Be Invested Multiple . . . Recently, the Income Tax Appellate Tribunal (ITAT) Delhi has allowed multiple-year exemption u s 54F for an under-construction house It held that the taxpayer can invest capital gains for the second or third time also towards the same new house property
CASE LAWS ON SECTION – 54F OF THE INCOME TAX ACT, 1961 About Section 54F: Section 54Fof the Income Tax Act allows one to claim exemption from tax on long-term capital gains, if the same is used for the purchase or construction of a house within specified time limits Following are the key points in respect of this section: Assessee is an Individual or HUF
Understanding the Nuances of Exemption under Section 54F: Case Analysis . . . The tribunal dismissed the appeal, affirming the Assessing Officer's decision to deny the Section 54F exemption It concluded that as the assessee owned more than one residential house at the beginning of the transfer date, despite reducing the count by the day's end, they were ineligible for the exemption
ITAT Upholds Section 54F Deduction Based on CBDT Circulars Despite . . . In a capital gains exemption dispute involving residential property investment, the Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has upheld a Rs 36 07 crore deduction under Section 54F of the Income-tax Act, 1961
Section 54F – Digest of case laws - itatonline. org Notice U s 148 was issued on 03 03 2020 served upon the assessee In this case, the assessee has sold an immovable property (residential land) of Rs 70,00,000 - dated 15 05 2014 on which capital gain arose of Rs 51,46,000 -
Section 54F Exemption Allowed Despite Post-ITR Due Date Investment . . . The second ground of appeal by the Revenue pertained to the deletion of disallowance of Rs 2,50,24,909 claimed by the assessee under Section 54F of the Act This section grants exemption from capital gains tax if the net consideration from the sale of a long-term capital asset (other than a residential house) is invested in purchasing or
Section 54 v. Section 54F: Tribunal Clarifies Capital Gains Exemption . . . The Tribunal denied exemption under Section 54F due to the property’s residential classification but granted relief under Section 54, reaffirming that procedural lapses should not defeat substantive tax relief when eligibility conditions are otherwise satisfied