Exemption u/s 54F - artificial transfer of one house by way of ...

Case Laws Income Tax

March 27, 2023

Exemption u/s 54F - artificial transfer of one house by way of gift deed - colourable device to claim exemption - The assessee artificially created a gift deed of the property with a view to fit into the provisions of section 54F, so that he can claim the deduction against the sale of capital asset. The act of the assessee was prearranged step for execution, and it served no commercial purpose but was motivated to avoid paying taxes. - No exemption - AT

View Source

← Previous Next →

Exemption u/s 54F - artificial transfer of one house by way of ...

Case Laws Income Tax

March 27, 2023

You may also like:

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...

Wealth tax assessment - the assessee cannot avail exemption for a plot of land, even if it is having an area of less than 500 sq. mts or less, if he had already claimed...

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...

Exemption / eduction u/s 54F - more than one residential house - assessee claimed that old proerty was gifted to minor daughter through an oral HIBA - Since the gifts...

Disallowance of claim u/s 54F - assessee did not purchase new house within the stipulated time of one year prior to the date of transfer of original asset - renovation...

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

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...

Addition in view of the Provisions of section 50C on the Gift of Plots - Transfer of property by a Company as a gift - AO concluded how the gift by one company to other...

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...

LTCG - eligibility or claim of exemption of u/s. 54F - As per AO new asset cannot be considered as acquired within 02 years of transfer of original asset - Since the...

Deduction u/s 54F - assessee is having more than one house - for all practical purposes, the assessee is the owner of the said houses, and therefore, is not entitled to...

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...

House property conveyed to the assessee by means of settlement deed subject to his mother's life interest over such property cannot be considered as one of 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...

Unexplained cash credit - Gifts receipts from Mother - it would not be correct to conclude that the gift deed was an afterthought since the aforesaid transfers were made...

Quick Updates: