New Floor, New Rules? How Home Extensions Fit Into Capital Gains Exemptions   Query 1] I have read in your earlier issue of The Tax Talk that the tax on LTCG from sale of equity shares can be saved U/s 54F by investing the sale proceeds for purchase of another house property. Please guide whether…

Extension of house is also eligible for capital gain exemption.   Recently ITAT Chennai in the case of Chandra Bhavani Sankar Vs. ITO, ITA No. 101/Chny/2024, has concluded that extension of house is also eligible for capital gain exemption. In this case, it was held that the assessee having constructed the first floor on the existing ground…

ITAT quashed Assessment – Illegal assumption of jurisdiction as satisfaction note recorded in a mechanical manner, without due application of mind   Hon’ble Delhi Tribunal in the case of Rajiv Agarwal v. ACIT, Central Circle Delhi-20, dated 04.12.2024, The Hon’ble Tribunal quashed the proceedings under Section 153C of the Income Tax Act, 1961, on account…

Legality of the Notice in the name of dead person   In a recent judgment dated 28.11.2024 in the case of Ghanyashyam Anil Dhanani v. ITO [2024] 169 taxmann.com 327 (SC), the Apex Court permitted the legal heirs of assessee to take contention with regard to initial notice being issued in name of a dead person-original assessee…

Bangalore Tribunal Recalls Order in Buckeye Trust Case: A Fresh Hearing Scheduled   In a surprising turn, the Bangalore ITAT has recalled its recent earlier order in the Buckeye Trust case in its entirety. The matter will now be heard afresh on February 19, 2025, giving stakeholders a renewed opportunity to present their arguments. The…