Tag Archives: Section 54

Basement is part of residential house; eligible for Sec. 54/54F : ITAT

By | April 6, 2018

IN THE ITAT MUMBAI BENCHES ‘J’ Assistant Commissioner of Income-tax Circle-16(1) Mumbai v. Shrey Sharma Guleri Prime Channel Software Communications (P.) Ltd. JOGINDER SINGH, JUDICIAL MEMBER AND N.K. PRADHAN, ACCOUNTANT MEMBER IT APPEAL NO. 6147 (MUM.) OF 2016 [ASSESSMENT YEAR 2009-10] MARCH  22, 2018 Saurabh Rai for the Revenue. Dilip V. Lakhani for the Assessee. ORDER   Joginder Singh,… Read More »

Sale proceeds of land appurtenant to residential house is entitled to section 54 relief: ITAT

By | April 22, 2017

IN THE ITAT DELHI BENCH ‘SMC’ Adarsh Kumar Swarup v. Deputy Commissioner of Income-tax, Circle-1, Muzafarnagar H.S. SIDHU, JUDICIAL MEMBER IT APPEAL NO.1228 (DELHI) OF 2016 [ASSESSMENT YEAR 2011-12] MARCH  28, 2017 M.P. Rastogi, Adv. for the Appellant. Ms. Bedobina Chaudhuri, Sr. DR for the Respondent. ORDER 1. The Assessee has filed this Appeal against… Read More »

Tax benefits of House in India

By | May 25, 2016

Tax benefits of House 1.  Tax benefits of House : Capital Gain Exemption in case of purchase of residential on Sale of residential house Section 54 of the Income Tax Act, provide for exemption for long term capital gains . Following are the conditions Exemption to individual or a Hindu undivided family The capital gain arises from… Read More »

Advance given to builder qualify for Section 54 Investment

By | February 27, 2016

IN THE INCOME TAX APPELLATE TRIBUNAL, MUMBAI BENCH  “A” BEFORE SHRI G.S. PANNU, ACCOUNTANT MEMBER AND SHRI SANJAY GARG, JUDICIAL MEMBER I.T.A. No. 7512/Mum/2013 Assessment Year : 2010-11 Shri Hasmukh N. Gala, Vs. Income Tax Officer 20(1)(3), Facts of the case The relevant facts are that the assessee is an individual who is engaged in… Read More »