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Articles for Section 54F

How exemption under Section 54F for long-term capital gains on the sale of a plot of land is computed?
1 month ago

How exemption under Section 54F for long-term capital gains on the sale of a plot of land is computed?

Live Mint  

I have sold a plot of land for ₹67 lakh. If I invest the long-term capital gains of Rs35.40 lakh in a residential flat, I understand that I do not have to pay any tax due to the exemption available under Section 54F. Since you have sold a plot of land and not a residential house, you can claim an …

Tax Sale Capital House Sec Lakh Gains
Direct Tax Annual Digest 2024: Part I
1 month, 2 weeks ago

Direct Tax Annual Digest 2024: Part I

Live Law  

ITAT Deletes Additions Against Unsuspecting Investor In A 'Penny Stock' To Make Quick Profit The Mumbai Bench of Income Tax Appellate Tribunal has held that the assessee was an unsuspecting investor who transacted in a 'penny stock' with a view to earning a quick profit, and since his involvement in any dubious transaction relating to price rigging or connection with …

India Justice Delhi Mumbai Kolkata Supreme Court High Court
Turn capital gains into your dream home by leveraging the power of gifting
2 months ago

Turn capital gains into your dream home by leveraging the power of gifting

Live Mint  

For those who wish to use profits from shares, mutual funds, land or commercial property to buy their dream home, the government allows tax exemption on such gains under Section 54F. Scenario 5: Ashish sells the shares and land and uses the gains to buy a property directly in daughter’s name The law on Section 54F says that to qualify …

Tax Property Assets Capital Gains House Batra Buy
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 …

Tax Property Income Act Deduction Itat Assessee
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 …

Tax Property Income Act Deduction Member Residential
Delhi High Court Stays Reassessment Order Based On Internal Audit Objection
2 years, 1 month ago

Delhi High Court Stays Reassessment Order Based On Internal Audit Objection

Live Law  

The Delhi High Court has stayed the reassessment order based on an internal audit objection.The division bench of Justice Rajiv Shadher and Justice Tara Vitasta Ganju has observed that the expression "any audit objection" was introduced only by the Finance Act, 2022, although with effect from April 1, 2012. The Delhi High Court has stayed the reassessment order based on …

Reassessment Delhi High Court Based Act Petitioner Section 148 Reassessment Proceedings
Husband Entitled Capital Gain Exemption For Asset Bought In The Name Of The Wife: ITAT
2 years, 10 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 …

Capital His Wife Gain Immovable Property Assessee Cit Section 54F
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 …

Tax Property Income Act Her Husband Husband View
How to sell gold without paying taxes: Is it possible?
2 years, 10 months ago

How to sell gold without paying taxes: Is it possible?

Live Mint  

You can claim a tax exemption on long term capital gains from the sale of gold assets under Section 54F of the IT Act, 1961. Section 54F provides an income tax exemption on capital gains earned from selling capital assets such as shares, gold, bonds etc., other than a house property. If you sell gold and reinvest the entire sale …

Tax Property Sale Gold Capital Section 54F
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 …

Investment Tribunal Act Her Husband Husband Assessee Tax Exemption
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 …

Tax Investment Tribunal Act Her Husband Husband Exemption
LTCG computation same for residential house, plot
6 years, 4 months ago

LTCG computation same for residential house, plot

Live Mint  

What is the difference between selling a residential house and a residential plot? —Ashu From a tax computation perspective, the manner of classification as long term and computing gross LTCG on the sale of a residential house and a residential plot is identical. In the case of sale of a residential plot, an exemption can be sought in any of …

Sale House Act Net Plot Residential Ltcg