Home Highlights July 2014 Year 2014 This

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1. Deduction u/s 54F - LTCG - Out of these 24 flats, 15 flats are already sold in the present year and remaining 9 flats are likely to be sold within the period of three...

2. Exemption / deduction u/d 54F - assessee has purchased two separate flats under two separate agreements - Merely because the assessee has let out the two flats to one...

3. The legal summary is as follows: The assessee received two flats in exchange for old properties under a redevelopment agreement. Section 2(47) of the Act defines...

4. Assessee purchased four flats constituting single residential unit within stipulated time period u/s 54F. Despite separate identification numbers, flats were merged and...

5. This is a summary of a legal case involving deduction u/s 54F of the Income Tax Act for investment in residential property. The key points are: The assessee invested...

6. LTCG - Exemption u/s 54F - assessee has purchased triplex flat - The Assessing Officer rejected the claim, arguing that the purchase did not qualify as a single...

7. Deduction u/s. 54F - flats to be received in pursuant to JD Agreement - There is no dispute with regard to the fact that, the assessee has claimed deduction u/s. 54F of...

8. Rental income - Deduction u/s 24(b) - interest paid on the amount borrowed - the loan was not borrowed for the impugned Flat No.11. Assessee had claimed that the loan...

9. The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

10. Deduction claimed u/s 10AA - the relief to the assessee under section 10AA cannot be denied merely on the reasoning that the raw material, processing activities resulted...

11. Depreciation on sample flat - number of days asset used - the revenue has allowed the claim of 50% of the depreciation claimed by the assessee in the first year when the...

12. Deduction u/s 54 - investment in two different houses - The Hon’ble Court’s opinion is that, the physical structure of a new residential house whether it is literal or...

13. Gain on Sale of pent house - LTCG or STCG - possession of the flat is flowing from the terms and conditions mentioned in the buyer’s agreement itself hence the date of...

14. Claim of deduction u/s 80P(2)(d) - interest income received from Co-operative Bank - In the present case even though the assessee’s claim of deduction under section...

15. Eligibility for deduction u/s 54F - LTCG - the assessee in the instant case had purchased two flats in different locations. One at Warriam Road and the other at Layam...