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Income Tax - Highlights / Catch Notes

Home Highlights April 2014 Year 2014 This

Deduction u/s 54/54F - Dwithdrawing benefit for default of ...

Case Laws     Income Tax

April 15, 2014

Deduction u/s 54/54F - Dwithdrawing benefit for default of builders not to allow possession of residential flat within stipulated time - no connivance or collusion can be read into the Agreement - exemption allowed - AT

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  2. Eligibility of deduction u/s 54 and 54F - in return deduction claimed u/s 54F - in assessment proceedings revised his claim u/s 54 - AO is duty bound to allow deduction...

  3. Deduction u/s. 54F - assessee has not become the owner of the property in question - becoming the owner of the property in question is not required for the purpose of...

  4. The Appellate Tribunal considered a case involving a claim for deduction u/s 54 for LTCG. The claim was initially denied as the new asset was not purchased or...

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  8. LTCG - Rejection of deduction claimed u/s 54F - Deduction u/s 54F of the Act only induces an assessee to make investment in residential house property. If the assessee...

  9. The assessee was allowed deduction u/s 54/54F without proper examination of relevant details and materials. The Assessing Officer (AO) framed the assessment u/s 143(3)...

  10. Reopening of assessment u/s 147 - Deduction u/s 54 - The mere delay on the part of the developer to hand over the possession of the flat would not vitiate the claim of...

  11. The ITAT Chennai ruled on LTCG deduction u/s 54, stating that investment in more than one property is not allowed. Assessee invested in two distinct properties in...

  12. LTCG - Exemption u/s 54 and 54F - Imposing the restriction on claiming high value deduction taken by high-net-worth assessees - Maximum deduction can be claimed upto 10...

  13. Deduction u/s 54/54F - assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership...

  14. LTCG - Deduction u/s 54 - Profit on sale of property used for residence - assessee was already in the possession of the residential house at the time of purchase of the...

  15. LTCG - Disallowance u/s 54 - construction of new house begun before the sale of the old house - The Tribunal emphasized that section 54 does not mandate the utilization...

 

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