The capital gains exemption under section 54 or section 54F of the Income Tax Act is often denied by the assessing officer because of the use of words “a residential house” under section 54 or 54F of the Income Tax Act. This problem often arises in case of a development agreement by a taxpayer with a builder for joint construction exercise under which taxpayer receives more than one house or may be a floors having many independent residential units from the builder.When in that case question of giving exemption u/s 54 or 54F comes , the approach of the assessing officer is to allow exemption only in case of one unit of house or flat . The main reason for this is the presence of phrase ” a residential house” in section 54 or sec. 54F .
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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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Tax Audit under section 44AB is a very important procedure fixed under Income Tax Act. The return filing date for all those assessee who are supposed to get account audited is 30th September. So , July onwards , there is rush among chartered accountants to complete the tax audit reports and then efile the tax...
Finance Act 2012 brought in specified domestic transactions within the transfer pricing provision under Income Tax Act .As you are made aware through previous posting that 8 Cases Under Which Domestic Transfer Pricing Rule May Not Be Applicable to Your Business ! and also that while computing the threshold of amount of transaction fixed at 5o million...
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.