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The Income Tax Appellate Tribunal (ITAT), Jaipur bench consisting of DR. S. Seethalakshmi, Judicial Member, and Rathod Kamlesh Jayantbhai, Accountant Member carried that the husband can avail the Capital Gain Exemption for Investment created in the name of the wife. The petition was made by the taxpayer with respect to the order of the commissioner […]
The All India Gem and Jewellery Domestic Council (GJC) requested the government to diminish the rate of GST (goods and services tax) to 1.25%. Inside the pre-budget 2022-23 suggestions to the central finance minister Nirmala Sitharaman said that GJC seeks the cumulative GST rate with 1.25% relied on the revenue equivalence principle on gold, precious […]
The Income Tax Appellate Tribunal (ITAT), Agra Bench permits the deduction held that the change in limiting the Section 54 deduction to only one residential house can be considered. The taxpayer, Mr. Dinesh Chandra Dutta Bhargava on April 21, 2014, sold a residential house in Agra for Rs.1,20,00,000/- owning the value for the intention of […]
The Income Tax Appellate Tribunal (ITAT) Bangalore, ruled that the profit on selling the land comes beneath the capital gain and thus liable for all the deductions permitted while calculating the income beneath the capital gain. The taxpayer is the owner of Shri Babulal is the proprietor of M/s. Bangalore sales and marketing is said […]
The Income Tax Appellate Tribunal (ITAT), Jaipur, has ruled that the previous water and electricity bills can not be provided as proof of construction of a house to claim deductions under capital gains under section 54F of the Income Tax Act, 1961 “Get to know complete guide of TDS provisions under income tax act 1961 […]
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 New Delhi ITAT after determining that the taxpayer does not file either of the conditions specified in section 54 of the income tax, ruled that no infirmity in the IT authority’s order in refusing the advantage of the deduction of the long-term capital gains to the taxpayer under section 54. The Division Bench of […]
The tax benefits cannot be refused to the taxpayer because of an error made by the builder in assigning the apartment, the Mumbai Bench of Income Tax Appellate Tribunal (ITAT) ruled. The bench of Rahul Chaudhary (Judicial Member) and Om Prakash Kant (Accountant Member) noted that the petitioner cannot be penalized for the mistake executed […]
In the case of Shree Avani Pharma [Advance Ruling No. GUJ/GAAR/R/2023/32 dated November 03, 2023], the AAR, Gujarat, ruled that the job work services offered by the applicant fall under Sr. No. 26(id) of Notification No. 11/2017-Center Tax (Rate) dated June 28, 2017. The services are classified under Heading SAC 9988, making the applicant liable […]
