Disallowing the exemption claimed u/s 54/54F - sale of the ...

Tax Exemption Denied: Section 54/54F Claim Disallowed for Owning Multiple Residential Units; Revenue Criticized for Oversight.

November 9, 2021

Case Laws Income Tax AT

Disallowing the exemption claimed u/s 54/54F - sale of the bungalow as well as the land - assuming the assessee has claimed deduction under section 54F of the Act, then it was the duty of the revenue to provide the rightful claim of the assessee which is available under the provisions of law but the same was not claimed by the assessee under the wrong believe. As such, the Revenue cannot take the benefit of the ignorance of the assessee rather it was duty-bound to extend the benefit available to the assessee under the provisions of law. - assessee is not eligible for exemption under section 54F of the Act on the sale of land, as the assessee was holding more than one residential unit. - AT

View Source

← Previous Next →

Disallowing the exemption claimed u/s 54/54F - sale of the ...

Tax Exemption Denied: Section 54/54F Claim Disallowed for Owning Multiple Residential Units; Revenue Criticized for Oversight.

November 9, 2021

Case Laws Income Tax AT

You may also like:

LTCG - deduction u/s 54F - as pursuant to the JDA, assessee had received multiple residential units and not a single residential unit - The Tribunal observed that prior...

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...

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...

Validity of reopening an assessment beyond four years from the end of the relevant assessment year, denial of deduction u/s 54F, and the addition on the ground of owning...

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...

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...

Denial of exemption u/s 54F - interpreting the meaning of the word residential house used in Section 54F(1) - assessee even otherwise is entitled to the benefit of...

Exemption u/s 54F - merging of 4 flats originally planed into one unit - exemption allowed - AT

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...

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...

Applicability of Section 64(1) and Section 54F of the Income Tax Act. Section 64(1) allows for the inclusion of a dependent spouse's income in the assessee's taxable...

Disallowance of exemption claimed u/s 54F - nature of the property as residential in nature - It does not make difference whether the property has been shown as...

This is a summary of a legal case involving deduction u/s 54F of the Income Tax Act for investment in residential property. The key points are: The assessee invested...

Eligibility for exemption u/s 54F allowed even though the capital gain was invested in multiple residential units. - AT

Exemption u/s 54F - Denial of exemption as appellant received multiple number of flats - Amendment to section 54 & 54F, restricting the claim of deduction to one...

Quick Updates: