Denial of the exemption u/s 54 - Nature of property sold - as ...

Case Laws Income Tax

December 8, 2021

Denial of the exemption u/s 54 - Nature of property sold - as far as shops are concerned, even where they are built on a residential plot of land (land use not being changed in local municipality records), the nature of property for tax purposes cannot by any stretch of imagination be treated as property used for residential houses and are thus commercial in nature. - the property which was sold was clearly not a residential house and thus, the basic condition for claiming exemption u/s 54 has not been satisfied in the instant case. - AT

View Source

← Previous Next →

Denial of the exemption u/s 54 - Nature of property sold - as ...

Case Laws Income Tax

December 8, 2021

You may also like:

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:...

Exemption u/s 54 – LTCG - Nature of Property sold is housing property or agricultural land - once a door number is allotted to the premises, this itself makes it clear...

Denial of the benefit claimed u/s 54 EC - exemption under section 54 EC is available even when the part of capital gain is invested in specified long-term asset - AT

Settlement Commission's order rejecting exemption u/s 54 on cash portion invested in purchasing property after sale of another property was invalid. Section 54 does not...

LTCG - denial of a claim of exemption u/s 54 - new residential house property was purchased only after the lapse of two years from the sale of original property - The...

Nature of income on sale of flat – Exemption u/s 54 claimed - income is in the nature of business, therefore, the deduction u/s 54 not applicable - AT

Exemption u/s 54 on unregistered property purchased from son of the assessee allowed - transferee gets the right over the property and has become the owner of the...

Exemption u/s.54 - LTCG - the assessee has sold two residential properties and re-invested in one residential property. Hence, entire conditions of Section 54 of the...

Deduction claimed u/s 54 - oint owners of the house property having 50% right, title and interest over the property - Since the assessee and her son have jointly...

Exemption u/s 54 - denial of claim on purchase of property abroad - the investment in purchase of residential house in UK was made in July, 2013 and as such the claim of...

Exemption u/s 54 - LTCG - Merely because assessee had availed house building loan from bank for purchasing a new residential unit, that cannot act as a disqualification...

Exemption u/s 54 - LTCG - assessee has demolished existing residential building before sale - benefit of exemption not available - HC

Exemption u/s. 54 - denial of claim on the ground that the assessee has commenced the construction of the residential house property before the sale of long term capital...

Deduction u/s 54 - investment in two different houses - The Hon’ble Court’s opinion is that, the physical structure of a new residential house whether it is literal or...

LTCG - exemption u/s. 54 - purchase of new residential property - though the agreement to sell is not registered, the vendee can seek decree of specific performance on...

Quick Updates: