Home Highlights February 2013 Year 2013 This

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1. Exemption u/s. 54F - LTCG on sale of jewellery - assessee has invested the full consideration of sale of jewellery in the purchase of the plot of land - The AO is...

2. Disallowance u/s 54F - Investment of Sale consideration for claiming exemption on LTCG - Advance was given for purchase of new residential property but the transaction...

3. Deduction u/s. 54F - purchase of land with old structure that is to be demolished - What has been in effect and substance purchased in the instant case, as also...

4. Exemption u/s 54B - LTCG was invested in the purchase of another agricultural land in the name of his wife - The term “assessee” is qualified by the expression...

5. 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...

6. Exemption u/s.54F - construction of new residential house on land purchase of two parts one before sale of assets - If a plot is purchased in contemplation of ensuing...

7. Profits arising on sale of land - ‘business income’ OR 'capital gains' - after purchase of land assessee got if converted to NA land - the assessee also got a lay out...

8. LTCG - Exemption u/s 54F - As seen that both the plots, namely, 28 and 29 were simultaneously purchased and are adjacent to each other. The assessee has claimed that...

9. 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...

10. Addition u/s 56(2)(vii)(b)(i) - difference between the actual purchase consideration of plots of land and market value as per stamp valuation authorities - Assessee has...

11. Levy of GST - sale of developed plot of land for which consideration is received before the issuance of completion certificate - The sale of developed land, by the...

12. Income from sale of land - Income from business OR capital gain - object of the assessee to purchase the land to convert into small plots and then sale these small plots...

13. Exemption u/s 54F - Assessee given advance for purchase of land in the year 2005 and accordingly acquired right for specific performance of agreement of sale - The said...

14. 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...

15. Capital gains - nature of land sold - land converted into a barren land to establish an industrial estate - land sold by the assessee through sale deed in favour of...