Home Highlights January 2017 Year 2017 This

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1. 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...

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. The case pertains to the determination of the date of "purchase" for claiming deduction u/s 54F of the Income Tax Act. The issue revolves around whether the assessee has...

4. LTCG - deduction u/s 54 denied - Despite the assessee's claim of having constructed a residential property within the specified timeframe, a physical inspection revealed...

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. 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:...

7. LTCG - Benefit of deduction u/s. 54 denied - CIT(Appeals) has gone by the fact that there was absence of Occupation Certificate but this will not be a ground to deny the...

8. Deduction u/s. 54 - construction of house on land taken on lease - assessee is owner of the superstructure constructed by utilizing the capital gain and this is clear...

9. The appellant did not acquire a new residential property within the specified time period, failing the mandatory condition for deduction u/s 54. The CIT(A)-NFAC...

10. 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...

11. Deduction u/s 54 - LTCG - purchase of new residential house - no provision is made by the statue that the assessee should utilize the amount which he obtained by way of...

12. Deduction u/s 54, 54F & 54EC - capital gains arising out of a single transaction of sale of immovable property - there is no such bar that both the deductions, u/s 54...

13. Long-term capital gains deduction u/s 54F can be claimed for investment in a residential property not solely owned by the assessee. The assessing officer's sole...

14. Eligibility of deduction u/s 54 and 54F - in return deduction claimed u/s 54F - in assessment proceedings revised his claim u/s 54 - AO is duty bound to allow deduction...

15. Deduction u/s 54/54F - assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership...