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Jun 13, 2024 · Under Section 54 of the Income Tax Act, an individual or HUF selling a residential property can avail tax exemptions from Capital Gains if the capital gains are invested in purchase or construction of residential property.
Section - 110. Determination of tax where total income includes income on which no tax is payable. Section - 115VF. Tonnage income. Section - 14A. Expenditure incurred in relation to income not includible in total income. Section - 115BBI. Specified income of certain institutions. Section - 4.
Apr 3, 2024 · Sections 54, 54B, 54D, 54EC, 54F, 54G, and 54GA offer various benefits to individuals and entities. This article delves into the specifics of each section, including eligible assets, time limits for acquisition, exemption amounts, lock-in periods, and applicable deposit schemes.
Jun 18, 2024 · Under Section 54 of the Income Tax Act, an individual or HUF selling a residential house property can claim exemption from such capital gains if they invest the proceeds in the acquisition, i.e., purchase or construction, of another residential property.
Apr 6, 2022 · Under Section 54 of the Income Tax Act, an individual or HUF selling a residential house property can claim exemption from such capital gains if they invest the proceeds in acquisition i.e., purchase or construction of another residential property.
Nov 3, 2023 · The Section 54 Exemption under the Income Tax Act, 1961, offers a valuable opportunity for individuals to save on capital gains when transferring residential property. This comprehensive guide provides insights into the basic conditions for eligibility, the amount of exemption available, and the potential consequences if the new house is ...
Feb 2, 2024 · Section 54 of Income Tax Act offers tax exemptions from the capital gain tax to individuals and HUFs who are selling their residential property to purchase or construct a new residential property due to genuine causes like transfer, retirement, etc.
Apr 11, 2023 · What is Section 54GB of the Income Tax Act? As per Section 54 of Income Tax Act, an individual or a Hindu Undivided Family (HUF) can avail tax exemptions based on the capital gains on selling immovable property only when used for investing in real estate assets.
6 days ago · Accordingly, he disallowed the deduction claim under Section 54 of the Income Tax Act and added the same to Long Term Capital Gain. Aggrieved by the order, the assessee preferred an appeal to the CIT(A). The CIT(A) dismissed the appeal, and the matter reached the Ahmedabad Tribunal. ITAT Held. The Tribunal held that the assessee showed consideration in his return of income under Capital Gain. The assessee made an investment in new residential property, paid full consideration for the ...
Dec 29, 2022 · Introduction. Section 54 of the Income Tax Act. Applicability of Section 54 of the Income Tax Act. Eligibility criteria to avail benefits under Section 54 of the Income Tax Act. Purpose of Section 54 of the Income Tax Act. Exemptions under Section 54 of the Income Tax Act. Exemption amount. Capital gains. Capital Gains Account Scheme.
