Home Highlights July 2012 Year 2012 This

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1. 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...

2. The assessee was allowed deduction u/s 54/54F without proper examination of relevant details and materials. The Assessing Officer (AO) framed the assessment u/s 143(3)...

3. 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...

4. 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...

5. Disallowance of exemption u/s 54 & 54F - Merely because of the fact that the property purchased is recorded as the asset in the statement of affairs of HUF and the loan...

6. LTCG - Exemption u/s 54 and 54F - Imposing the restriction on claiming high value deduction taken by high-net-worth assessees - Maximum deduction can be claimed upto 10...

7. Revision u/s 263 - denial of deduction u/s 54 in the hands of Individual - Partition of HUF or not - reading of sub- section 171 of the Income Tax Act, 1961 makes it...

8. Deduction u/s. 54F - assessee has not become the owner of the property in question - becoming the owner of the property in question is not required for the purpose of...

9. LTCG - Deduction u/s 54 - investment was made in the name of her spouse and not in the name of the Assessee - Section 54F/54 of the Act are the beneficial provisions...

10. Exemption u/s 54 / 54F - While section 54 of the Act deals with capital gains arising out of transfer of buildings or lands appurtenant thereto and being residential...

11. Properties acquired by the HUF - Creation of smaller HUF - Deemed partition / Notional partition - death of a Mitakshara Coparcener - absence of partition u/s 171 of the...

12. Computation of capital gains - deduction u/s 48 or u/s 54 - consideration paid to wife under the condition of separation - should be considered as allowable deduction...

13. Deduction claimed u/s 54F OR 54 - Investment of LTCG - Owning more than one house property - CIT(A) deleted the addition considering the same u/s 54 - Assessee revised...

14. 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...

15. 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...