Home Highlights June 2011 Year 2011 This

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1. LTCG - Period of holding of asset - deduction u/s 54 - So far as the residential building/house constructed on the said land is concerned, it was constructed in ay:...

2. Exemption u/s 54 - scope of the term 'a residential house' – construction of 7 flats - AO not correct in restricting the exemption under section 54F of the Act to only...

3. The Appellate Tribunal considered whether the sale proceeds of residential units should be treated as capital gains or business receipts. It was found that the...

4. In the case of 2024 (5) TMI 1094 before the ITAT Mumbai, the issue revolved around the denial of exemption claimed u/s 54 of the Income Tax Act. The Tribunal...

5. LTCG - denial of a claim of exemption u/s 54 - new residential house property was purchased only after the lapse of two years from the sale of original property - The...

6. Exemption u/s 54 - assessee has invested in three residential house properties at three different places - scope of amendment - whether exemption is available in respect...

7. Exchange of residential flat - exemption from capital gains u/s 54 - . The acquisition of a new flat under a development agreement in exchange of the old flat amounts to...

8. Exemption u/s 54 / 54F - While section 54 of the Act deals with capital gains arising out of transfer of buildings or lands appurtenant thereto and being residential...

9. LTCG - Section 54 does not lay down that the construction of the new house must taken after the sale of the old residential house or that the sale proceeds of the old...

10. Assessee is eligible for deduction u/s 54, even if new residential house is purchased within one year before transfer of capital asset, utilizing funds other than sale...

11. Assessee utilized long-term capital gain from sale of immovable property for purchase of new residential property within permissible time period. Purchase consideration...

12. Exemption u/s 54 - capital gains invested outside India for purchase of residential house - Benefit to investment of LTCG in residential house outside India is available...

13. Deduction u/s. 54 - the question of deposit of unutilised capital gain will come up for consideration only when the capital gain is not utilised in construction of house...

14. LTCG - Exemption u/s 54 - booking of flat with private builders - The provisions of section 54 nowhere prescribe construction of the house should be completed. The prime...

15. Exemption u/s 54 - the assessee had already appropriated the capital gains for the purpose of construction of residential unit. However, construction was not completed...