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 November 2018 Year 2018 This

Deduction u/s 54 - LTCG - as the possession of the new ...


Taxpayer Qualifies for Section 54 LTCG Deduction: New Property Possession Within One Year of Original Property Sale.

November 12, 2018

Case Laws     Income Tax     AT

Deduction u/s 54 - LTCG - as the possession of the new residential property was delivered to the assessee within a period of one year prior to the transfer of the property under consideration, thus the purchase of the same could safely be held to have been substantially effected on the said date.

View Source

 


 

You may also like:

  1. ITAT upheld taxpayer's claim for LTCG deduction u/s 54F despite delayed possession of new property. While assessee made full payment exceeding capital gains within...

  2. 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...

  3. 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...

  4. Deduction u/s 80IC - if substantial expansion is undertaken, say, in 8th year by an assessee such an assessee would be entitled to 100% deduction for the first five...

  5. The ITAT Chennai ruled on LTCG deduction u/s 54, stating that investment in more than one property is not allowed. Assessee invested in two distinct properties in...

  6. 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...

  7. Deduction u/s 80IC - Since in the present case the fact that the assessee had undertaken substantial expansion is not disputed, the assessee, we hold, is entitled to...

  8. LTCG - deduction u/s 54 new residential premises - Relevance of date of possession or date of agreement - Regarding the determination of the date of acquisition for the...

  9. 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...

  10. LTCG - period of holding - Registration of the property which was acquired by the assessee in the F.Y. 1994-95 though executed in the Year 2005 has no significance...

  11. 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...

  12. Deduction claimed u/s.54F - LTCG - Clearly, therefore, the date relevant for determining the purchase of property is the date on which full consideration is paid and...

  13. The Appellate Tribunal considered a case involving a claim for deduction u/s 54 for LTCG. The claim was initially denied as the new asset was not purchased or...

  14. LTCG - Deduction u/s 54 - Profit on sale of property used for residence - assessee was already in the possession of the residential house at the time of purchase of the...

  15. Deduction u/s 54F - delay in delivery of possession of the property - investment of the entire capital gains for construction of a residential house within the...

 

Quick Updates:Latest Updates