Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights May 2016 Year 2016 This

Exemption u/s 54F - the amendment to provision of section 54F is ...


Income Tax Act Section 54F Amended: Exemption Now Limited to One Residential House in India, Effective April 1, 2015.

May 3, 2016

Case Laws     Income Tax     AT

Exemption u/s 54F - the amendment to provision of section 54F is effective from April 1, 2015, which makes it clear that benefit of section 54F will be applicable to one residential house in India. Prior to the amendment it was clear that a residential house would include multiple residential units - AT

View Source

 


 

You may also like:

  1. The assessee claimed exemption/deduction u/s 54F on account of investing long-term capital gains in a new residential house. The PCIT disallowed the claim, considering...

  2. 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...

  3. The High Court held that the phrase 'a residential house' in Section 54F of the Income Tax Act should be interpreted strictly to mean a single residential unit. The...

  4. LTCG - Deduction u/s 54 on investment made in five house properties - Amendment made available on the statute, vide the Finance (No. 2) Act, 2014 w.e.f. 01.04.2015...

  5. LTCG - Benefit of exemption u/s 54F - Purchase of second residential house - assessee already owns one residential house in USA - Contention of the Ld. AR that the...

  6. Income deemed to accrue or arise in India - residential status of the assessee under the India-USA DTAA. Assessee stayed in India for more than 183 days, considered a...

  7. Deduction u/s 54 - LTCG invested in buying two residential units - the assessee would only entitle to the benefit of section 54, 1) if the assessee invested the LTCG...

  8. Residence in India - Section 6 of the Income-tax Act, 1961 as amended

  9. Deduction u/s 54F - Rejection of claim for Constructing more than one house - An independent building can have a number of residential units and it will not lose the...

  10. Wealth tax assessment - the assessee cannot avail exemption for a plot of land, even if it is having an area of less than 500 sq. mts or less, if he had already claimed...

  11. IT Capital Gains Exemption u/s 54, residential house, Construction of four flats, It has to be construed only as ‘a residential house’, exemption allowed

  12. LTCG - Denial of exemption u/s 54 - the ITAT observed that, for the purpose of claiming the benefit u/s 54 of the Act, within a period of one year before or two year...

  13. In the ITAT Delhi case, the issue revolved around claiming exemption u/s 54F for investment in a residential house. The CIT(A) allowed the exemption based on the...

  14. LTCG - Exemption u/s 54F - As seen that both the plots, namely, 28 and 29 were simultaneously purchased and are adjacent to each other. The assessee has claimed that...

  15. Claim of deduction u/s 54/54F - claim for two units - two residential units constructed by the Developer for the Assessee is “a” (one) residential house only - Board...

 

Quick Updates:Latest Updates