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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has granted approval for a deduction under Section 54F of the Income Tax Act, taking into account that the assessee is not the exclusive owner of multiple residential properties used by other family members. According to the bench of judges, Kavitha Rajagopal and Om Prakash […]
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 […]
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 […]
Without owning flats for at least three years the long-term capital gain could not be claimed, the Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) ruled. PCIT is been justified in invoking the provisions of Section 263 of the IT (Income Tax) Act. as the taxpayer without holding the 7 flats for three years from […]
The capital gain exemption is not available for the residential house brought abroad post 1st April 2015. For the period prior to AY 2015-16 or to the introduction of the words “in India” in Section 54 of the Act vide Finance Act No. 2 of 2014, which came into effect on April 1, 2015, the […]
The Delhi Bench of the Income Tax Appellate Tribunal permitted the capital gain exemption under section 54 of the Income Tax Act on the basis of the amount identical to the capital gains that would be utilised for the acquisition of the new house. The two-member bench of Yogesh Kumar US (Judicial Member) and Dr. […]
The Income Tax Appellate Tribunal ( ITAT ), Mumbai Bench, in a petition furnished to it stated that there would be no addition incurred on the basis of a typographical error in the ITR via the taxpayer. ITAT, before-mentioned observation when a plea was chosen before it via the taxpayer, as against the order on […]
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) ruled that the capital gain exemption beneath section 54B of the Income Tax Act, 1961 could not claim the agricultural land purchased in the name of the taxpayers’ wife. The taxpayer, Mr Karamvir, during the time of furnishing his return of income has claimed a […]
In this post, we aim to clear up any confusion or doubts surrounding income tax return filing and other tax-related queries. We have provided answers to some commonly asked questions to give taxpayers a better understanding of the process and potential tax benefits. Query: A person is in the Indian Army. Till last year, we […]
