Tag Archives: Section 54F

Section 54F claim not available on basis of Agreement to sale , Sale deed required

Held There was an agreement for purchase of land which was not carried out and matter was taken to Court, where parties entered into settlement for transfer of plot. Fact remains that no legal document having effect of transfer of immovable property was placed before Appellate Authority. Under the provisions of transfer of Transfer of… Read More »

Flats held as stock in trade are not second residential house, Section 54F allowed

Held Any stock in trade by profession is excluded from the definition of capital asset and in these circumstances the contention of the Revenue is that stock in trade is also included for applicability of Section 54F of the Act, in our view, cannot be accepted. HIGH COURT OF KARNATAKA Commissioner of Income-tax, Mangalore v.… Read More »

Section 54F relief allowed even in caseof belated return under sec. 139(4)

IN THE ITAT CHENNAI BENCH ‘A’ G. Ramesh v. Income-tax Officer, Non-Corporate Ward -17(1), Chennai CHANDRA POOJARI, ACCOUNTANT MEMBER AND G. PAVAN KUMAR, JUDICIAL MEMBER IT APPEAL NO. 180/MDS/2016 [ASSESSMENT YEAR 2011-12] JUNE  22, 2016 Related post Section 54F can’t be denied even if house construction Incomplete Cancellation of agreement did not affect Section 54F… Read More »

Taxpayer unable to get possession of flat due to fault of the Builder , No denial of Section 54F relief

IN THE ITAT MUMBAI BENCH ‘SMC’ Rajeev B. Shah v. Income-tax Officer, Ward-19 (2) (1), Mumbai MAHAVIR SINGH, JUDICIAL MEMBER I.T. APPEAL NO. 262 (MUM.) OF 2015 [ASSESSMENT YEAR 2010-11] JULY  8, 2016 Subhash Shetty and R.N. Vasani for the Appellant. Somanath S. Ukkali for the Respondent. ORDER   Mahavir Singh, Judicial Member – This… Read More »

Gift of Property to Spouse and Section 54F

Gift of Property to Spouse and Section 54F Q Whether gift of house to husband prior to date of transfer of original capital asset (other than any residential house) cannot be disregarded for purpose of reckoning assessee’s eligibility for deduction under section 54F even if assessee along with her husband continue to reside in same… Read More »