Home Highlights November 2014 Year 2014 This

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1. Exemption u/s 54 is available on purchase of car parking space along with flat - AT

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

3. 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...

4. Service tax on sale and purchase of flats – constitutional validity upheld by HC

5. Deduction/Exemption u/s 54 - nexus between sale consideration received on sale of old asset and source of investment in new house - amount contributed by the Appellant’s...

6. Addition u/s.69 or 68 - assessee has paid on-money towards purchase of property to the seller - The assessee is only owner of 1/3rd share in the property purchased. -...

7. Speculation loss u/s 73 - it is apparent from computation that no part of the business of the assessee company consists of purchase and sale of the shares - Merely...

8. Correct head of income - treatment of income from sale and purchase of shares - business income or income from capital gains - high volume of transactions and frequently...

9. Deduction u/s 54 - Purchase of the new flat by the assessee will be treated on the date when the assessee has received the possession after it is constructed and not on...

10. Deduction u/s 54 - whether advance payment made by the assessee for the purchase of a residential flat would constitute a part of purchase or not, when such advance is...

11. Exemption u/s 54 - denial of claim on purchase of property abroad - the investment in purchase of residential house in UK was made in July, 2013 and as such the claim of...

12. Denying deduction u/s 54 - Purchase of new house property within one year - Admittedly, in this case what the department is harping upon is merely the agreement dated...

13. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

14. Exemption u/s 54 - two flats are situated side by side - modified to make it as one unit - despite the fact that the flats were purchased by separate sale deeds,...

15. Deduction u/s 54 denied - LTCG - New house property was purchased in the name of son - it can be seen that the son of the assessee is a direct relation - In a case,...