Home Highlights July 2014 Year 2014 This

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1. Legal interpretation of the term "original asset" for claiming exemption u/s 54F of the Income Tax Act. It discusses the ownership rights over the "original asset" by...

2. Deduction u/s 54F is not available to an assessee who owns more than one house property at the time of purchasing a new property. The assessee, despite jointly...

3. Disallowance u/s 54F - Investment of Sale consideration for claiming exemption on LTCG - Advance was given for purchase of new residential property but the transaction...

4. Deduction claimed u/s 54 - oint owners of the house property having 50% right, title and interest over the property - Since the assessee and her son have jointly...

5. Applicability of Section 64(1) and Section 54F of the Income Tax Act. Section 64(1) allows for the inclusion of a dependent spouse's income in the assessee's taxable...

6. Disallowance of exemption claimed u/s 54F - nature of the property as residential in nature - It does not make difference whether the property has been shown as...

7. Claim of exemption u/s 54F - It is enough that the assessee procures the new property within the stipulated time provided in section 54F to claim the exemption. How the...

8. Key issues: 1) The treatment of long-term capital gain on inherited/gifted jewelry as short-term capital gain, where the assessee's claim of the jewelry being 30-40...

9. Exemption u/s 54F - investment of new residential house in the name of assessee wife - claim of deduction U/s 54F of the Act cannot be denied merely on the ground that...

10. Indirect contribution of wife in the purchase of the property - Joint properties purchased by husband and wife [housewife] - legal owner - the 1st defendant/wife has...

11. Deduction claimed u/s 54F OR 54 - Investment of LTCG - Owning more than one house property - CIT(A) deleted the addition considering the same u/s 54 - Assessee revised...

12. Disallowance on account of loss from house property - joint ownership with the wife - assessee claimed that the installments towards the repayment of the loan taken from...

13. Disallowing the exemption claimed u/s 54/54F - sale of the bungalow as well as the land - assuming the assessee has claimed deduction under section 54F of the Act, then...

14. Claim of deduction u/s 54F - one cheque returned by the builder due to technical reasons - The assessee cannot get the exemption towards unutilized amount as the said...

15. Exemption/deduction u/s 54F - New investment made in wife's name. Sec.54F allows purchase/construction within specified timelines. No requirement for same sale proceeds...