Expenses incurred to make the newly purchased house habitable can be claimed as a deduction U/S 54: ITAT Mumbai
Renu Ratnakar Bhattacharya Vs Commissioner of Income Tax (Appeals) (ITAT Mumbai) (ITA No. 2146/M/2022)
Facts:
The Assessee had sold an immovable property ...
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The Blogs
Agreement done prior to 2013 and applicability of section 43CA on sale deed done after 2013
Agreement done prior to 2013 and applicability of section 43CA on sale deed done after 2013
There are cases wherein the agreement was entered prior to the introduction of section 43CA but sale deed is done after Section 43CA becomes ...
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Capital Gain Exemption u/s 54F allowable If Property in Question Found to be Commercial Nature: ITAT
Capital Gain Exemption u/s 54F allowable If Property in Question Found to be Commercial Nature: ITAT
The Income Tax Appellate Tribunal ‘B’ Bench, Chennai, has while allowing an appeal filed by the Revenue, held that capital gain exemption u/s 54F ...
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Agreement to sale entered prior to introduction of section 43CA –No addition even though the amount was received in cash if the stamp duty valuation was less at the time of agreement
Agreement to sale entered prior to introduction of section 43CA –No addition even though the amount was received in cash if the stamp duty valuation was less at the time of agreement
In the case of D.S.N.Malleswara Rao vs. ITO ...
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In order to get the benefit under Section 54F, taxpayer need not complete the construction of the house and occupy the same: Madras High Court
In order to get the benefit under Section 54F, taxpayer need not complete the construction of the house and occupy the same: Madras High Court
Madras High Court in the case of CIT vs Shri Sardarmal Kothari has held that in order to get ...
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Different flats sold by builders to different persons at different rates: Whether AO can apply a higher rate to all the flats?
Different flats sold by builders to different persons at different rates: Whether AO can apply a higher rate to all the flats?
The remarkable observations were made by the Rajasthan HC in the case of Commissioner Of Income Tax Vs. Khandelwal ...
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Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing made by him for the purpose of paying the vendor and obtaining the sale deed
Interesting case: Cost of acquisition to the assessee is not merely the amount paid to the vendors but also the cost of the borrowing made by him for the purpose of paying the vendor and obtaining the sale deed
Here ...
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Interest on Housing Loan: Possibility of double deduction cannot be overruled
Interest on Housing Loan: Possibility of double deduction cannot be overruled
CA Naresh Jakhotia
There are often various issues & decisions which makes Income Tax Act an interesting subject to read and analyze.
Let me try to elaborate few such issues in ...
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Sum received from display of advertisement on assessee’s undergoing real estate project is a business income or house property income?
Income Tax Act, 1961, Section 14
Heads of income---Income from house property or Income from other sources---Sum received from display of advertisement on assessee’s undergoing real estate project
Conclusion: Rental income received for display of commercial advertisement on assessee’s undergoing real estate ...
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Property used by the Assessee for the purpose of its business cannot be considered to be a vacant property as per section 23
Property used by the Assessee for the purpose of its business cannot be considered to be a vacant property as per section 23
M/S. Ideal Hitech Engineering ... vs Ito, New Delhi on 13 August, 2019
IN THE INCOME TAX APPELLATE ...
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Income from let out of ‘premises only’ is taxable under the head ‘Income from House Property’
Income from let out of 'premises only' is taxable under the head 'Income from House Property'
Short Overview:
In the absence of any facilities or business infrastructure provided by the assessee-firm to its lessee, rental income from let out of ‘premises ...
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Section 54F is a beneficial provision and should be liberally interpreted
Section 54F is a beneficial provision and should be liberally interpreted
An assessee who has purchased a house property is entitled to exemption u/s 54F despite the fact that construction activities of the new house has started before the date ...
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Capital gain exemption shall be limited to actual sale consideration and not stamp duty value
Capital gain exemption shall be limited to actual sale consideration and not stamp duty value
[2019] 104 taxmann.com 208 (Bombay)
Computation of capital gain and consequently computation of exemption under section 54EC, shall have to be worked out on basis of substituted deemed ...
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Interesting Ruling on Pure Agent
Interesting Ruling on Pure Agent
*Ruling on Pure Agent*
Authority for Advance Ruling, Maharashtra has replied that the conditions as laid down for pure agent in the GST provision is not fulfilled and hence the reimbursement would be treated as consideration ...
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Benefit of Long Term Capital Gain exemption for Two house properties
With the passage of time, the requirements of the taxpayers also changes and as such there is always a need to review the exemption clauses. Under the existing provision of Income Tax Act-1961, any Long-Term Capital Gain (LTCG) arising ...
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No exemption u/s 54B if new agricultural land was purchased prior to sale of old agriculture land
No exemption u/s 54B if new agricultural land was purchased prior to sale of old agriculture land
Facts:
1. The assessee entered into an agreement to sell his agricultural land on 29-12-2011 and received a part of sale consideration.
2. Subsequently, another ...
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Capital gain exemption available even if investment is done by availing housing loan
Capital gain exemption available even if investment is done by availing housing loan
Assumptions & presumptions are the biggest barrier to tax planning. One such presumption is with regard to availability of exemption under section 54 against Long Term Capital ...
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The third umpire – ITAT has ruled in favor of Sachin Tendulkar in a tax dispute case
The third umpire – ITAT has ruled in favor of Sachin Tendulkar in a tax dispute case
If the taxpayer owns more than one house properties then only one house property is considered as self occupied house property & the ...
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