Man sold land for Rs 3.21 crore, denied tax relief under Section 54F: Why ITAT Pune allowed full tax exemption

A Pune man successfully challenged the Income Tax Department, securing a full tax exemption on his Rs 3.21 crore land sale. Despite a technical error of not fully depositing sale proceeds into a ...
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When to use Capital Gains Account Scheme to save income tax if you made long-term capital gains after selling land, property, equities, etc.?

If you wish to save income tax on long-term capital gains from the sale of any specified asset like equities, land, or real estate, consider utilising Section 54, Section 54F, or even 54EC if ...

One house, two tax breaks: How Sections 54 and 54F can both work for you

Today's Ask Wallet Wise query decodes can exemptions under different sections be claimed for the same property? The Ask Wallet-Wise initiative offers expert advice on personal finance and ...

Redeveloping your house with a builder? Here’s how tax rules work if you get additional floors

Capital gains arising from transfer of land and building for redevelopment by an individual and an HUF shall be charged to tax in the year in which the completion certificate for the project is issued ...

Selling land after demolishing structure? ITAT says costs before property sale may qualify as LTCG deduction

Property sellers locked in disputes over capital gains calculations may find some relief from a recent ruling by the Hyderabad Bench of ITAT. The tribunal observed that expenses incurred to demolish ...
Tax Guru

Section 263 Upheld Due to Lack of Enquiry on Section 54F Claim & Foreign Property Ownership

ITAT Hyderabad held that failure of the Assessing Officer to examine ownership of multiple houses while allowing Section 54F deduction made the order erroneous and prejudicial. The matter was remanded ...

Denied Rs 91.45 lakh capital gains relief, taxpayer appeals in ITAT; tribunal turns the table on Income Tax Department

The Income Tax Appellate Tribunal (ITAT) Pune ruled that investing full capital gains into a new property qualifies for Section 54F exemption, even if the entire sale consideration wasn't deposited in ...