The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT), has held that the claim of capital gain exemption under Section 54 of the Income Tax Act, 1961 on construction of residential house completed within 3 years is allowed and removed the penalty levied under Section 271(1)(c) of the Income Tax Act. To claim exemption […]
For the old tax regime, an individual, who is resident in India, is allowed a tax rebate under section 87A if the total income of such individual does not exceed Rs. 500,000. The rebate is allowed to the extent of Rs. 12,500. Thus, if the total tax (excluding health & education cess) is less than […]
Selling or transferring a capital asset like property, capital gains arise which are taxable in the hands of the assessee/ taxpayer. 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 […]
The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) has held that income derived from the sale of agricultural land is not a capital asset. The bench of Saktijit Dey (Judicial Member) and M. Balaganesh (Accountant Member) has observed that income tax is not payable on the income derived from the sale of agricultural […]
