Putting Together Structure Of Plywood Sheets Can't Be Construed As Constructing 'Residential House' For Claiming Capital Gain Exemption: Delhi HC
3 months, 3 weeks ago

Putting Together Structure Of Plywood Sheets Can't Be Construed As Constructing 'Residential House' For Claiming Capital Gain Exemption: Delhi HC

Live Law  

“Putting together a structure of plywood sheets cannot be construed as constructing a residential house,” the Delhi High Court has held. Section 54 exempts tax on long term capital gains from the sale of residential property if the proceeds from such sale are reinvested in purchasing or constructing another residential property within a specified time frame. Significantly, the ITAT had held that the residential house is required to have the “basic amenities such as a boundary wall, kitchen, washroom, bedroom, electricity connection and water connection” for habitation. Taking note of these factual aspects, the High Court said “It is obvious that the construction of a residential house would entail raising a construction for inhabitation as a residential dwelling unit… the exact location itself of the land was difficult to find as the area was vast and inhabited and comprised of hilly terrain.” Accordingly, the appeal was dismissed.

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History of this topic

Co-Owner Of Property Not Receiving Income From It Not Liable To Pay Tax On Income From Such Property: Delhi High Court
1 month, 2 weeks ago

Co-Owner Of Property Not Receiving Income From It Not Liable To Pay Tax On Income From Such Property: Delhi High Court

Live Law  

The Delhi High Court has held that where a property is held jointly but only one co-owner reaps the benefit of income from such property, the other co-owner cannot be held liable to pay tax merely by virtue of co-ownership. This explanation was not accepted by the Assessing Officer, who proceeded to hold that the property would be liable to …

Tax Weekly Roundup: November 18 - November 24, 2024
3 months, 3 weeks ago

Tax Weekly Roundup: November 18 - November 24, 2024

Live Law  

SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, …

Tax Weekly Roundup: November 18 - November 24, 2024
3 months, 3 weeks ago

Tax Weekly Roundup: November 18 - November 24, 2024

Live Law  

SUPREME COURT Mobile Towers & Pre-Fabricated Buildings Moveable Properties, Qualify As 'Capital Goods' For CENVAT Credit : Supreme Court Case title: M/S BHARTI AIRTEL LTD. v. THE COMMISSIONER OF CENTRAL EXCISE, PUNE Case no. The Court also found substance in State's argument that part of revenue is lost when vehicle is purchased from outside the State and therefore, it held, …

Sale Deed Not Document Issued By Revenue, Can't Be Used To Verify Land's Classification As 'Agricultural' For Taxation Purposes: Delhi HC
4 months, 1 week ago

Sale Deed Not Document Issued By Revenue, Can't Be Used To Verify Land's Classification As 'Agricultural' For Taxation Purposes: Delhi HC

Live Law  

The Delhi High Court has held that sale deed is not a document issued by the revenue authorities or any government authority which would certify the agricultural nature of a land. The observation was made while hearing Revenue's appeal against ITAT order which set aside Principal Commissioner's order under Section 263 of the Income Tax Act whereby the Assessing Officer …

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 …

S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT
1 year, 2 months ago

S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT

Live Law  

The Hyderabad Bench of Income Tax Appellate Tribunal has held that exemption under Section 54F of the Income Tax Act is not available on property predominantly being used for religious purposes.The bench of R.K. Panda and Laliet Kumar has observed that the property is predominantly being used for religious purposes, namely mosques, orphanages, and. The Hyderabad Bench of Income Tax …

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 …

Understanding capital gains tax exemption under Section 54
2 years, 9 months ago

Understanding capital gains tax exemption under Section 54

Business Standard  

The profit earned from the sale of a house is taxed as a capital gain. If in this case, the seller was liable to pay income tax on capital gains arising from the sale of the old house, then it would impose a hardship on him. Under Section 54 of the Income Tax Act, a seller can av­ail of tax …

SC sets aside acquisition for Rohini housing project
12 years, 11 months ago

SC sets aside acquisition for Rohini housing project

Hindustan Times  

The Supreme Court has set aside a Delhi government order to acquire land for a housing project in Rohini by invoking the urgency clause. HT Image Setting aside a July 9, 2007 Delhi High Court judgment upholding the acquisition, a bench of Justice RM Lodha and Justice HL Gokhale said the government cannot invoke the urgency clause under section 17 …

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