LTCG - Deduction claimed u/s 54 - ITAT allowed claim - The High ...

High Court Upholds ITAT's Decision on Long-Term Capital Gains, Validates Deduction Claim Under Income Tax Act Section 54.

April 2, 2024

Case Laws Income Tax HC

LTCG - Deduction claimed u/s 54 - ITAT allowed claim - The High Court notes that the issue revolves around long-term capital gains arising from an Apartment Buyers Agreement entered into before the property sale. - The ITAT's conclusion, aligning with previous case law, states that possession of the property was completed within three years from the sale, entitling the assessees to relief. Referring to precedent, the High Court reaffirms that the construction commenced within the mandated time frame, and the assessees fulfill the conditions under section 54 of the Act. The High Court dismisses the appeal of the Revenue, finding no substantial question of law raised and upholds the ITAT's decision.

View Source

← Previous Next →

LTCG - Deduction claimed u/s 54 - ITAT allowed claim - The High ...

High Court Upholds ITAT's Decision on Long-Term Capital Gains, Validates Deduction Claim Under Income Tax Act Section 54.

April 2, 2024

Case Laws Income Tax HC

You may also like:

Long term capital gain - sub-tenancy right - the assessee had a sub-tenancy right in the property and upon surrender thereof, the assessee received a sum which was...

Setting off the long term capital loss arising on sale of shares not subject to STT against long term capital gain arising from sale of Shares subjected to STT exempt...

Regarding long-term capital gain determination, indexed cost of acquisition claimed by assessee at Rs. 45 lakhs for property valued over Rs. 45 lakhs, evidenced by...

Revision u/s 263 by CIT - Wrong claim of carry forward of long term capital loss - the long term capital gain, which is exempted under section 10(38) of the Act, would...

ITAT ruled on long-term capital gains from unlisted shares under India-Mauritius DTAA, specifically addressing loss carry-forward without offsetting against capital...

The ITAT held that an assessee is eligible for deduction u/s 54F of the Income Tax Act from long-term capital gains, even if the claim was not made while filing the...

Capital gain from sale of commercial property - intra-head adjustment of loss - Benefit of carry forward of long term capital loss on the sale of shares for the current...

Long term capital gain - allowable expenditure u/s. 48(i) - The same land has been sold in the year under consideration giving rise to long term capital gains to the...

Entitled to claim long term capital gain on transfer of rights in the Flats - Deduction u/s 54 against capital gains arising out of sale of flats - the right over the...

LTCG or STCG - Sale of ground floor of residential unit - whether it give rise to long term capital gains or short term capital gains - Computation from period of...

Deduction u/s 54F - Capital gain arising from depreciable assets is long term capital gain for the purpose of claiming exemption under Section 54F/54E of the

Revision u/s 263 by CIT - set off of brought forward business loss from the income assessable under the head 'Capital Gain' - gain of depreciable assets by entering into...

Rate of tax on sale of depreciable assets - STCG vs LTCG - as per Section 112 of the Act, the tax on long term capital gains on transfer of a long term capital asset is...

Exemption u/s 54EC - Assessee has not been able to raise any material contention to dispute this position. He has only submitted that the assessee wanted to invest the...

Capital gains taxation streamlined with short-term gains on certain financial assets attracting 20% tax and long-term gains on all assets attracting 12.5% tax. Exemption...

Quick Updates: