Capital Gain Deduction u/s 54F of I.T.Act 1961

For the purpose of deduction u/s 54F of Income Tax Act whether the words ‘full value of consideration’  contained in section 50C will be applicable   or the actual sale consideration value as specified in the sale deed will be applicable.

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  Claim u/s 54F of the Income Tax Act, 1961

Assessee is an individual and has made claim U/Sec. 54F in respect of investment in the bungalow along with the land. while executing the agreement , the assessee has executed  Registered Development Agreement , where in the description of  property it is clearly mentioned that it is land with the constructed bungalow. However the AO has rejected the claim on the ground that the investment made by the assessee in the property is not for purchase of house property by the assessee but assessee had taken it for the purpose of  Development of the property.  Assessee is not engaged in…

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  Capital Gain Exemption 54F

In calculation of deduction under section 54F whether actual sale consideration will be considered for net sale consideration or 50 C will you will be considered

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  Claim u/s 54F of the Income Tax Act, 1961

The assessee during the year under consideration sold unlisted shares on 16.06.2017 taxable as LTCG and claimed the deduction u/s 54F of the Act on account of amount invested in Residential House Property As per department the assessee is ineligible to claim deduction u/s 54F of the Act as he owned two residential house property, apart from the new residential property. Assessee has executed registered agreement for assignment of the flat owned by him on 05.04.2017. The assessee has received more than 97% of the consideration as on 30.04.2017 and accordingly gave the possession of the said flat. Affidavit of…

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