Capital gains exemption can be claimed u/s 54 or 54F if the sales consideration is invested in buying the house or constructing the house . It does not matter if the land on which construction is done is owned by spouse. This is what karnataka High court said in the deicision in case of CIT and Anr….
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CBDT has clarified that the date of filing tax return to 17th October 2016 vide its order u/s 119 of the Income-tax Act, 1961 (‘Act’) dated 9th September, 2016 is also for obtaining the tax audit report under section 44AB . Read the explanatory circular below F. No. 225/195/2016-ITA II Government of India Ministry of […]
CBDT has extended the due date for filing tax return on ground of clash of dates with last date for declaration under the Income Declaration Scheme 2016 . It its circular dt 9th September 2016 , reasons cited by the CBDT to remove the inconvenience – “In order to remove inconvenience and to facilitate ease of […]
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Can there be tax planning for the first of its kind bond issued by RBI named as Inflation Indexed National Savings Securities -Cumulative in which any individual ,HUF , Trust or University can invest from a minimum of Rs 5000 to Rs 5,00,000 and get interest depending upon the inflation in India . If you...
About Prashant Thakur
The author has spent twenty years with Income Tax department and desire to service common citizen of India which include professionals like tax practioners ,CA,ICMA, CS and tax lawyers by advising them on the direct tax matters for a very affordable fee.