The Appellate Tribunal addressed the issue of claiming deduction ...

Tribunal denies deduction u/s 54F for property not used as residence, despite religious use. No pro-rata deduction allowed.

Case Laws Income Tax

July 2, 2024

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 for religious purposes, did not meet the definition of a residential house as per the IT Act. While a report suggested residential use on the 3rd floor, the assessee's statement contradicted this, indicating use for religious and staff purposes. As the property was not utilized for residential purposes within the specified time and lacked evidence of investment in residential construction, the deduction was denied. Section 54F does not allow for pro-rata deduction, especially in cases where a residence cannot be established in a religious building. The Revenue's appeal was allowed, upholding the AO's decision.

View Source

← Previous Next →

The Appellate Tribunal addressed the issue of claiming deduction ...

Tribunal denies deduction u/s 54F for property not used as residence, despite religious use. No pro-rata deduction allowed.

Case Laws Income Tax

July 2, 2024

You may also like:

LTCG - Deduction u/s 54 - Profit on sale of property used for residence - assessee was already in the possession of the residential house at the time of purchase of the...

LTCG - deduction u/s 54 denied - Despite the assessee's claim of having constructed a residential property within the specified timeframe, a physical inspection revealed...

Disallowance of exemption claimed u/s 54F - nature of the property as residential in nature - It does not make difference whether the property has been shown as...

LTCG - Rejection of deduction claimed u/s 54F - Deduction u/s 54F of the Act only induces an assessee to make investment in residential house property. If the assessee...

Deduction u/s 54, 54F & 54EC - capital gains arising out of a single transaction of sale of immovable property - there is no such bar that both the deductions, u/s 54...

Exemption u/s 54F - Mere non residential use subsequently would not render the property ineligible for benefit u/s.54F, if it is otherwise a residential property - AT

Deduction u/s 54/54F - assessee has not acquired the ownership rights in the new property but merely acquired tenancy right which could not be equated with ownership...

Deduction u/s. 54F - LTCG - Claim denied since the assesse was owning two house property - Assessee claimed that these properties are Farm House / Commercial property...

Deduction u/s.54F - 5 properties which were purchased by the assessee by DRT auction wherein clubbed the same as one property - Assessee shall be granted with deduction...

Classification of supply - Composite supply or not - leasing of property for use as residence along with basic amenities - Leasing of property for use as residence along...

Income from house property - deduction (Vacancy allowance) - Notably the words used in section 23(1)(c) of the Act are “the property is let and was vacant during the...

Deduction u/s 80P - interest income - The tribunal noted that section 80P(2)(a)(i) allows deduction for cooperative societies engaged in banking or providing credit...

The Appellate Tribunal reviewed the rejection of registration u/s 12AB due to alleged violation of section 13(1)(b) as trust's objects were not solely for "SUNNI MUSLIMS....

Eligibility of Deduction u/s 80P - bank interest earned from cooperative banks - The Appellate Tribunal found that even if the interest income is not considered as...

Deduction u/s.54F - Assessee holding more than one property - joint ownership - AO Assessee has relinquished his rights on the two flats - it can be safely concluded...

Quick Updates: