Capital Gain Exemption Can't Be Denied To Wife For Mere Presence of Husband's Name In Purchase Document: ITAT
2 years, 10 months ago

Capital Gain Exemption Can't Be Denied To Wife For Mere Presence of Husband's Name In Purchase Document: ITAT

Live Law  

The Banglore Bench of the Income Tax Appellate Tribunal headed by N.V. Vasudevan and B.R. The assessee had earned long-term capital gain on the sale of land and claimed exemption under section 54F of the Income Tax Act from it to the extent of Rs. The AO took the view that the assessee was not eligible for a deduction under section 54F of the Income Tax Act on the grounds that she had already held a 50% share in the Prestige Ozone building and, hence, there was no necessity for her to pay the full consideration of Rs. The issue raised was whether the CIT was justified in ignoring expenditure of Rs.81,71,910/- incurred on the new house property for computing deduction under section 54F of the Income Tax Act. The ITAT ruled that the deduction under section 54F of the Income Tax Act only induces an assessee to make an investment in residential house property.

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History of this topic

LTCG Tax Exemption Can't Be Denied Due To An Error Made By The Builder In Assigning Apartment: ITAT
11 months, 3 weeks ago

LTCG Tax Exemption Can't Be Denied Due To An Error Made By The Builder In Assigning Apartment: ITAT

Live Law  

The Mumbai Bench of Income Tax Appellate Tribunal has held that tax benefits cannot be denied to taxpayers due to an error made by the builder in assigning the apartment.The bench of Rahul Chaudhary and Om Prakash Kant has observed that the appellant or taxpayer cannot be penalized for the mistake committed by the developer or seller by allotting. The …

Husband can't make ‘artificial’ cuts in salary for wife: Karnataka high court
1 year ago

Husband can't make ‘artificial’ cuts in salary for wife: Karnataka high court

Hindustan Times  

The Karnataka high court on Monday ruled that “artificial” and extra deductions from the husband's salary, such as house rent recovery, and provident fund contributions, cannot be made deductible from the maintenance granted to an ex-wife. Karnataka High Court Justice Hanchate Sanjeevkumar said provident fund contributions, house rent recovery, furniture recovery, etc. The single judge bench dismissed the petition filed …

Disproportionate assets case | Supreme Court exempts former Tamil Nadu Minister Ponmudy, wife from surrender
1 year, 2 months ago

Disproportionate assets case | Supreme Court exempts former Tamil Nadu Minister Ponmudy, wife from surrender

The Hindu  

The Supreme Court on January 12 granted exemption to former Tamil Nadu Minister K. Ponmudy and his wife P. Visalakshi from surrendering in a disproportionate assets case. Justice Satish Chandra Sharma, in a chamber sitting, granted the interim relief to the couple, whose special leave petition against their conviction and three-year sentence in the case by the Madras High Court …

Section 54 Deduction Can't Be Disallowed Merely For Not Depositing LTCG In Capital Gain Account Scheme: ITAT
1 year, 3 months ago

Section 54 Deduction Can't Be Disallowed Merely For Not Depositing LTCG In Capital Gain Account Scheme: ITAT

Live Law  

The Delhi Bench of Income Tax Appellate Tribunal has held that deduction under Section 54 of the Income Tax Act cannot be disallowed merely for not depositing long-term capital gain that was not deposited in the capital gain account scheme.The bench of Saktijit Dey and M. Balaganesh has adopted a hyper-technical approach while dealing with. The Delhi Bench of Income …

Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act: ITAT
1 year, 9 months ago

Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act: ITAT

Live Law  

The Mumbai Bench of the Income Tax Appellate Tribunal has allowed the deduction under Section 54F of the Income Tax Act on the grounds that the assessee is not the exclusive owner of multiple residential properties occupied by other family members.The bench of Kavitha Rajagopal and Om Prakash Kant has observed that the joint ownership of the. The Mumbai Bench …

Purchase Of New House Without NOC From AO Within 2 years: ITAT Allows Capital Gain Exemption
2 years, 7 months ago

Purchase Of New House Without NOC From AO Within 2 years: ITAT Allows Capital Gain Exemption

Live Law  

The Income Tax Appellate Tribunal, Delhi Bench has held that the capital gain exemption is allowable even when the amount invested in a capital gain account is utilised for the purchase of a new house without a NOC from AO within 2 years. The assessee has derived income from house property, capital gains, and income from other sources. The AO …

Husband Entitled Capital Gain Exemption For Asset Bought In The Name Of The Wife: ITAT
2 years, 9 months ago

Husband Entitled Capital Gain Exemption For Asset Bought In The Name Of The Wife: ITAT

Live Law  

The Jaipur Bench of the Income Tax Appellate Tribunal consisting of Dr. S. Seethalashmi and Rathod Kamlesh Jayantbhai held that the husband was entitled to a capital gain exemption for assets bought in the name of the wife. Out of sale consideration, the assessee made an investment in the purchase of a new residential house property in the name of …

In Male Dominating Society, Wife To Get Tax Exemption Even If Investment Made In Joint Name Of Husband: ITAT [Read Order]
6 years, 3 months ago

In Male Dominating Society, Wife To Get Tax Exemption Even If Investment Made In Joint Name Of Husband: ITAT [Read Order]

Live Law  

“In a male dominating society, investment made in the name of the husband is also to be considered as investment” and the assessee wife can claim exemption from tax liability under Section 54F of the Income Tax Act, the Chennai bench of Income Tax Appellate Tribunal has said.The Tribunal said the assessee is eligible for exemption under Section 54F of …

In Male Dominating Society, Wife To Get Tax Exemption Even If Investment Made In Joint Name Of Husband: ITAT [Read Order]
6 years, 3 months ago

In Male Dominating Society, Wife To Get Tax Exemption Even If Investment Made In Joint Name Of Husband: ITAT [Read Order]

Live Law  

“In a male dominating society, investment made in the name of the husband is also to be considered as investment” and the assessee wife can claim exemption from tax liability under Section 54F of the Income Tax Act, the Chennai bench of Income Tax Appellate Tribunal has said.The Tribunal said the assessee is eligible for exemption under Section 54F of …

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