CBDT circular dated January 21, 2015 clarifies that the benefit under Section 54F and Section 54 is limited to one residential house. A recent Delhi High Court ruling denied capital gains tax exemption under Section 54F of the Income Tax …
The ITAT also rejected the AO’s argument that the capital gains exemption should only cover the amount directly used for constructing the new house. The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has ruled that a taxpayer can …
ITAT clarifies that a builder’s mistake in flat allotment will not hinder a taxpayer’s ability to claim tax benefits under section 54 of the I-T Act. In a recent case adjudicated by the Income-tax Appellate Tribunal (ITAT), Mumbai bench, a …
Capital Gain on Compulsory Acquisition of Immovable Property: Section 45(5) In the realm of income taxation in India, when a government agency necessitates any compulsory acquisition of land, it is considered a transfer according to the provisions outlined in Section …