Exemption u/s 54F - investment of new residential house in the ...

Section 54F Exemption Valid Even If New Home Bought in Spouse's Name; Focus on Investment Source.

May 13, 2022

Case Laws Income Tax AT

Exemption u/s 54F - investment of new residential house in the name of assessee wife - claim of deduction U/s 54F of the Act cannot be denied merely on the ground that the new residential house was purchased in the name of his wife when the investment made by the assessee from the sale proceeds of the existing asset and yielded capital gain from the said transactions. - AT

View Source

← Previous Next →

Exemption u/s 54F - investment of new residential house in the ...

Section 54F Exemption Valid Even If New Home Bought in Spouse's Name; Focus on Investment Source.

May 13, 2022

Case Laws Income Tax AT

You may also like:

Exemption u/s 54F - investment in the name of husband / spouse - In the absence of an express provision contained in these provisions that the investment should be in...

The ITAT Indore ruled on LTCG deduction u/s 54B for agricultural lands bought in the wife and family's names, but funded entirely by the assessee. Citing SHRI LAXMI...

Exemption/deduction u/s 54F - New investment made in wife's name. Sec.54F allows purchase/construction within specified timelines. No requirement for same sale proceeds...

Exemption u/s 54F - disallowance being long term capital gain on sale of plot - LTCG - section 54F nowhere envisages that the sale consideration obtained by assessee...

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...

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...

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...

Charitable institution invested funds in shares of joint venture companies, violating Section 13(1)(d). Exemption u/s 11 denied for income from such investment. However,...

Benefit of exemption u/s 54B - investment on agricultural land made in the name of spouse of the assessee - In view of the clear provisions, investment made by any other...

The Appellate Tribunal allowed the assessee's claim for tax exemption under section 54 of the Income Tax Act, despite initially claiming under section 54F. The dispute...

Deduction u/s 54F - LTCG - quantum of investment to be made in the New House Property - Actual consideration or Value or transferred property determined as per Section...

Allowance of the claim of exemption under Section 54F of the Act – the deduction under Section 54F is allowable even the funds were taken on loan - AT

Deduction u/s 54F is not available to an assessee who owns more than one house property at the time of purchasing a new property. The assessee, despite jointly...

Benami Property - Transaction entered into between spouses - while enacting the Act, the legislatures have kept in mind the practical scenario of the society where a...

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...

Quick Updates: