Deduction u/s 54F - Denial of deduction as building was ...

Case Laws Income Tax

August 24, 2022

Deduction u/s 54F - Denial of deduction as building was constructed for commercial purposes - It is clear that even before the building was let out on lease, the structural changes were made to make it suitable for running a hostel. As we held in the preceding paragraphs that the need to have such a huge building for a single dwelling unit is not established, and at the same time the demarcation for multi-dwelling units is not possible in the structure of the building. - the assessee constructed the building for commercial purposes only. The findings of fact recorded by the authorities below do not warrant any interference and we accordingly uphold the same. - AT

View Source

← Previous Next →

Deduction u/s 54F - Denial of deduction as building was ...

Case Laws Income Tax

August 24, 2022

You may also like:

Refund of Service Tax paid on construction activity - commercial construction or not - there is no doubt that building constructed by the Contractor is medical college...

Deduction u/s. 80IB(10) on profits arising from commercial building - it is clear that the commercial building is a separate project and is not included as an integral...

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...

Levy of GST - sale of commercial super built up area on behalf of MoHUA, Government of India - the appellant is selling the commercial built-up space to the private...

Deduction u/s 54F in respect of building under construction despite the same having not being fully constructed within the stipulated period of three years - benefit...

Input Tax Credit (ITC) - availability of inputs to the Assesses when the Godowns constructed by him is entirely meant for renting it out for Commercial purposes to...

Approval u/s 80G Denied - Real purpose to construct a building not known - Revenue submitted that the applicant generated huge resources in the name of building...

The Appellate Tribunal addressed the issue of claiming deduction u/s 54F for Long-Term Capital Gains. The Tribunal found that the property in question, primarily used...

Allowability of deduction u/s 54F - it was immaterial that the construction of the new building was started before the sale of the old building - exemption allowed - AT

Exemption u/s 54F - If the assessee has invested money in constructing the residential house, merely because the construction was not complete in all respects or such...

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...

Works Contract Service - Construction activity - The hostel which was constructed was a girls hostel and hospital which was need of the Jaipur was constructed. - It was...

LTCG - Deduction u/s 54F - whether the assessee herein has actually constructed any residential house within the meaning, object and time laid down u/s. 54F of the Act,...

Computation of income from house property - deduction of interest on subsequent loan which was borrowed to repay earlier loan - The proviso only carves out an exception...

Deduction u/s 54F - LTCG - Out of these 24 flats, 15 flats are already sold in the present year and remaining 9 flats are likely to be sold within the period of three...

Quick Updates: