Articles for Section 54

Gujarat High Court Annual Digest 2024: Part-I [Citations 1-100]
1 week, 2 days ago

Gujarat High Court Annual Digest 2024: Part-I [Citations 1-100]

Live Law  

Citations 2024 LiveLaw 1 to 2024 LiveLaw 100 1. Issuance Of 'No Claim Certificate' Does Not Prima-Facie Make Dispute Non-Arbitrable, Gujarat High Court Allows S. 11 Application Case Title: Poll Cont Associates vs Narmada Clean Tech Ltd. LL Citation: 2024 LiveLaw 13 The High Court of Gujarat single bench of Chief Justice Sunita Agarwal allowed a Section 11 application of …

India Justice High Court Fraud Constitution Court Public Interest Litigation
How is a trust taxed on a property sale?
3 weeks, 5 days ago

How is a trust taxed on a property sale?

Live Mint  

I have recently shifted my residence to Dubai. We have been advised that since the house was owned by the trust and the trust is purchasing the new property, it cannot enjoy tax exemption upon reinvestment which is otherwise available to an individual. This distinction matters because the Income Tax Act, 1961 applies different tax treatments to private revocable and …

Trust Tax Trustee Beneficiaries Ita Section 54 Sale Income
Flat sale completed: What is the date of transfer for tax purposes? Is it the date of agreement or receipt of money?
4 weeks, 2 days ago

Flat sale completed: What is the date of transfer for tax purposes? Is it the date of agreement or receipt of money?

Live Mint  

I have sold my residential flat this month. Property Sale Completed: Key Tax Implications for ₹ 70 Lakh Gains Explained Since the ownership of the property stands transferred on the execution of the sale deed on which the transfer happened. Please note that after the removal of the indexation provision for practically all the purposes from the current year, you …

Tax Property Sale Capital Gains Lakh Deed Section 54
CGST Act | Commissioner Empowered To Withhold Refunds Both From Electronic Cash Ledger And Electronic Credit Ledger: Delhi HC
1 month, 3 weeks ago

CGST Act | Commissioner Empowered To Withhold Refunds Both From Electronic Cash Ledger And Electronic Credit Ledger: Delhi HC

Live Law  

The Delhi High Court has held that refunds, be it from the balance left in Electronic Cash or the Electronic Credit Ledger, are treated at par and the Commissioner under the Central Goods and Services Tax Act may withhold both in exercise of its powers under Section 108. In the case at hand, Petitioner had Impugned Commissioner's order under Section …

High Court Credit Order Commissioner Cash Refund Ledger
Budget 2024: Planning to sell a property bought after 2001? Here are 7 things that you should know
5 months, 2 weeks ago

Budget 2024: Planning to sell a property bought after 2001? Here are 7 things that you should know

Hindustan Times  

If you bought a property in or after 2001 and plan to sell it now, you may find yourself paying more tax, especially after the new proposals introduced on July 23. Budget 2024. has reduced tax rates on capital gains earned from sale of house properties held for long term, but has removed the indexation benefit available to taxpayers. Watch: …

Real Estate Properties Tax Property Budget Sale Capital Gains Tax
ITAT Half Yearly Digest: January To June 2024 - PART II
6 months ago

ITAT Half Yearly Digest: January To June 2024 - PART II

Live Law  

Failure To Produce Share Certificate Is No Basis To Doubt Share Purchase Transaction: Mumbai ITAT Refers Art 265 Of Constitution Case Title: Shantaben Fathechand Mehta verses Income-tax Officer Referring to Article 265 of the Constitution of India, the Mumbai ITAT remanded the case to the file of AO with direction to verify factual aspects, pertaining to the purchase of the …

India Delhi Mumbai Kolkata Hyderabad Tax Customs
Can I claim Section 54 benefit after moving to UK?
6 months, 2 weeks ago

Can I claim Section 54 benefit after moving to UK?

Live Mint  

I am currently employed with an MNC. Notwithstanding the determination of whether TDS provisions would have been applicable upon sale of equity shares of the company, capital gains derived from the sale would have been taxable at 20% along with indexation benefit. I assume you had invested in a residential house with the intention to claim exemption from capital gains …

India Tax Sale Capital Gains Benefit Section 54
Section 54F Does Not Envisage That Sale Consideration Obtained From Original Capital Asset Is Mandatorily Utilized For Meeting Cost Of New Asset: Delhi ITAT
8 months, 1 week ago

Section 54F Does Not Envisage That Sale Consideration Obtained From Original Capital Asset Is Mandatorily Utilized For Meeting Cost Of New Asset: Delhi ITAT

Live Law  

While allowing deduction u/s 54 of the Income tax Act, the New Delhi ITAT explained that under the light of section 54, exemption of capital gain from being charged to income tax as income of the previous year is attracted when another residential house has been purchased within one year before or two years after the date of transfer or …

Construction Properties Sale Capital Cost House Bench
LTCG Tax Exemption Can't Be Denied Due To An Error Made By The Builder In Assigning Apartment: ITAT
9 months, 2 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 …

Tax Income Capital Gains Flat Purchase Inr Itat
Taxpayer Is Entitled To Deduction On Capital Gains U/s 54 Once It Satisfies Conditions Prescribed By Said Provision: Mumbai ITAT
9 months, 4 weeks ago

Taxpayer Is Entitled To Deduction On Capital Gains U/s 54 Once It Satisfies Conditions Prescribed By Said Provision: Mumbai ITAT

Live Law  

While overturning the findings of CIT that the assessee does not satisfy the condition laid down u/s 54 of the Income tax Act, 1961 for claiming deduction, the Mumbai ITAT directed the AO to re-compute the capital gains, if any, after allowing deduction u/s 54 as claimed by the assessee. In view of the aforesaid, we overturn the findings returned …

Tax Sale Capital Payment Flat Bench Purchase
S. 54F Exemption Not Available On Property Predominantly Being Used For Religious Purposes: ITAT
11 months, 3 weeks 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 …

Tax Property Income Act Deduction Itat Assessee
Waqf Board CEO's Application U/S 54 Waqf Act Before Tribunal Not A Suit, No Court Fees Applicable On It: Allahabad HC
1 year ago

Waqf Board CEO's Application U/S 54 Waqf Act Before Tribunal Not A Suit, No Court Fees Applicable On It: Allahabad HC

Live Law  

The Allahabad High Court has held that the Chief Executive Officer of the Waqf Board is not liable to pay court fees on an application moved by him under Section 54 before the Waqf Tribunal. Before the Waqf Tribunal, respondents claimed that the application preferred by the Chief Executive Officer under Section 54 of the Act of 1995 was the …

Board Court Lucknow Application Fees Tribunal Suit
Section 54 Deduction Can't Be Disallowed Merely For Not Depositing LTCG In Capital Gain Account Scheme: ITAT
1 year 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 …

Property Assessment Order Income Capital Scheme Gain
Delhi High Court Directs GST Dept. To Pay GST ITC To IOCL
1 year ago

Delhi High Court Directs GST Dept. To Pay GST ITC To IOCL

Live Law  

The Delhi High Court has allowed the refund of accumulated Input Tax Credit due to the inverted duty structure to Indian Oil Corporation Limited.The bench of Justice Vibhu Bakhru and Justice Amit Mahajan has observed that the rate of tax chargeable on inputs other than LPG, which are higher than the rate of GST chargeable on bottled LPG. The Delhi …

High Court Tax Delhi High Court Rate Refund Bottled Petitioner
Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator
1 year, 1 month ago

Failure of Liquidator To Comply With Regulation 45 Of Liquidation Regulations, NCLT Kolkata Rejects Application For Dissolution, Recommends Investigation Against Liquidator

Live Law  

The National Company Law Tribunal, Kolkata Bench, comprising of Ms. Bidisha Banerjee and Shri Balraj Joshi, has rejected an application for dissolution of Corporate Debtor since the Liquidator failed to comply with requirements under Regulation 45 of IBBI Regulations 2016. In 2022, the Liquidator filed an application under Section 54 of IBC seeking dissolution of Corporate Debtor. The liquidator shall …

Corporate Corporate Debtor Application Process Bench Liquidator Dissolution
Supreme Court Monthly Digest June 2023
1 year, 3 months ago

Supreme Court Monthly Digest June 2023

Live Law  

SUBJECT WISE INDEX Advocate Bar Council of India can prescribe that only graduates from recognized law colleges can enrol as advocates. Mamta Devi v. Reliance General Insurance Company Ltd., 2023 LiveLaw 486 STATUTE WISE INDEX Advocates Act, 1961 - Bar Council of India can prescribe that only graduates from recognized law colleges can enrol as advocates. Coal India Ltd v. …

India Supreme Court High Court Railways Property Court Criminal Procedure
World Drug Day: 20 Important Judgments On The Narcotic Drugs and Psychotropic Substances Act
1 year, 6 months ago

World Drug Day: 20 Important Judgments On The Narcotic Drugs and Psychotropic Substances Act

Live Law  

“The Narcotic Drugs and Psychotropic Substances Act has been enacted with the object of meeting the unprecedented challenge of illicit traffic in narcotic drugs and psychotropic substances. The Supreme Court held that the officers who are invested with powers under section 53 of the NDPS Act are police officers within the meaning of section 25 of the Evidence Act as …

India Delhi Public Prosecutor Court Bail Haryana Detention
Joint Ownership Of The Property Is No Bar In Claiming Exemption Under Section 54F Of The Income Tax Act: ITAT
1 year, 6 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 …

Tax Property Income Act Deduction Member Residential
Supreme Court Quarterly Digest On Land Laws [January to March 2023]
1 year, 7 months ago

Supreme Court Quarterly Digest On Land Laws [January to March 2023]

Live Law  

Land Laws Coal Bearing Areas Act, 1957; Section 2, 11 - The State Government being the original owner can be said to be deemed lessor - The State Government can be said to be the ‘person interested’ in getting the compensation. Manubhai Sendhabhai Bharwad v. Oil and Natural Gas Corporation Ltd; 2023 LiveLaw 55 : AIR 2023 SC 992 Delhi …

India Delhi Supreme Court Compensation Court Uttar Pradesh Land Acquisition
Trade unionists and activists call T.N.’s amendment to Factories Act vague
1 year, 8 months ago

Trade unionists and activists call T.N.’s amendment to Factories Act vague

The Hindu  

The amendment passed by the Tamil Nadu Assembly on April 21 to the Factories Act, 1948, for ostensibly providing “flexibility” in work hours, but would in effect enable select factories to extend work hours of employees, has attracted widespread criticism. While the Tamil Nadu government assured other political parties and the public on April 21 that the weekly cap of …

Karnataka Tamil Nadu Work Tamil Amendment Act Hours
MP Nagar Tatha Gram Nivesh Adhiniyam - Scheme Will Not Lapse Merely Because It Was Not Completed Within 3 Years Despite Substantial Steps : Supreme Court
1 year, 9 months ago

MP Nagar Tatha Gram Nivesh Adhiniyam - Scheme Will Not Lapse Merely Because It Was Not Completed Within 3 Years Despite Substantial Steps : Supreme Court

Live Law  

The Supreme Court of India recently set aside the judgments of the Madhya Pradesh High Court which held the acquisition proceedings initiated by the Indore Development Authority and the State of Madhya Pradesh for a residential scheme as lapsed. 97 as illegal and invalid and quashed and set aside the entire acquisition proceedings under the 1894 Act on three grounds: …

Court Land Acquisition High Supreme Act Bench
Supreme Court Weekly Digest With Nominal And Subject/Statue Wise Index (Citations 181 - 210) Part 3 [March 13 – 19, 2023]
1 year, 9 months ago

Supreme Court Weekly Digest With Nominal And Subject/Statue Wise Index (Citations 181 - 210) Part 3 [March 13 – 19, 2023]

Live Law  

SUBJECT WISE INDEX Bail Ensure basic essentials such as FIR number, police station are recorded in bail orders: Supreme Court to all High Courts. State of Punjab v. Principal Secretary to the Governor of Punjab, 2023 LiveLaw 188 Article 226 - Supreme Court explains tests to determine if cause of action has arisen within jurisdiction of the High Court. State …

India Karnataka Tamil Nadu Kerala Delhi Supreme Court Bihar
Proposals relating to Capital gains in Finance Bill 2023
1 year, 11 months ago

Proposals relating to Capital gains in Finance Bill 2023

Live Mint  

The finance minister has proposed some provisions dealing with capital gains in the budget presented Wednesday. Cap on availing long term capital gains by Investment in a residential house Present Tax laws allow you exemption from long term capital gains if you invest in acquiring a residential house within specified time limits. Section 54 allows you exemption on long term …

Finance Gold Capital Gains House Long Physical Electronic
Budget 2023: At last, the middle class has been heard
1 year, 11 months ago

Budget 2023: At last, the middle class has been heard

Firstpost  

The amendment to section 87A to exempt a person earning not more than Rs 7 lakh from income tax is a welcome relief as it is bound to free most of the salaried class and the senior citizens from income tax liability. On the next Rs 3 lakh only 5 per cent is payable and on the next Rs 3 …

India Tax Budget Income Senior Citizens Cent Lakh