Exemption u/s 54 or 54F Allowed Even if Residential Property Bought is Used Subsequently for Commercial Purpose

Section 54 of the Income Tax Act provides exemption from tax on long term capital gains earned on sale of a residential property to the extent capital gains is used to buy or construct a residential house. Subsequent use of a residential property can not be a deciding factor for determining the exemption under section...

CBDT Admits Harassment! Restricts Enquiry in CASS Scrutiny Cases Selected During FY 2014-15 ?

The first anxiety moment for a tax payer is when he receives a notice from the income tax department which tells him to appear before the his assessing officer with books of accounts and other documents on a stipulated time and date as given in the said notice. The provision under which such notice is...