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Under section 54F of the Income Tax Act, 1961 the Income Tax Appellate Tribunal (ITAT) Bangalore in its proceeding said towards the assessing officer to permit the exclusion to the taxpayer upon the invested amount towards buying the house in the name of the daughter. Under Section 54F of the Income Tax Act, the person […]
Beneath section 54F of the Income Tax Act the Income Tax Appellate Tribunal (ITAT), Jaipur permits for deduction in respect of residential house property purchases in the name of wife. The taxpayer Dharamvir Singh has the income generated from the house property, capital gain, and interest. He furnishes the return of income showing the total […]
The Delhi Bench of the ITAT decided that a taxpayer could not claim a tax deduction for buying a house because the property was registered in their mother’s name An individual taxpayer, Ashok Kumar, has faced scrutiny for the AY 2015-16. An income tax return (ITR) has been furnished by the taxpayer specifying an income […]
Tax deduction u/s 54 of Income Tax Act 1961 ( ITA ) is permissible even if proceeds from the sale of old property are not reinvested in the acquisition of new asset/property, the Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. The taxpayer, Jignesh Jaysukhlal, owns a residential property, which he decided to sell. […]
The Mumbai Bench of Income Tax Appellate Tribunal (ITAT) stated that the date of possession of the new property is to be deemed as the date of acquisition and the taxpayer is entitled to deduction u/s 54 of the IT Act on the purchase of the new property. The bench of Raj Kumar Chauhan (Judicial […]
The Income Tax Appellate Tribunal (ITAT), Chennai Bench ruled that Section 56(2)(vii)(b)(ii) Income Tax Act, 1961 shall not be applicable if the property was purchased for business use of a partnership firm. The taxpayer Chandrasekaran Valarmathi is a partner in a firm M/s Chandran Steels, including three other partners of the firm, purchased a specific […]
The Gujarat Authority of Advance Ruling (AAR) has determined that rooftop solar systems, inclusive of installation and commissioning, are considered plant and machinery. In the assessment conducted by the bench comprising Amit Kumar Mishra and Riddhesh Raval, it has been concluded that applicants have the entitlement to claim Input Tax Credit (ITC) on rooftop solar […]
Buying residential house property prior to the last ITR filing date makes the taxpayer qualified for the deduction under section 54F of the Income Tax Act, the Chennai bench of the Income Tax Appellate Tribunal (ITAT) ruled. The petitioner is an individual and has submitted her Income tax return for the AY 2012-13 dated 01.06.2013, […]
There are some calculations and essential aspects that you would require to learn if you own a house property that is given on rent on vacant or is self-occupied and wishes to opt for the new tax regime for the fiscal year. Learn about the concern that what is the method to compute the income […]
