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FREEDOM OF CHOICE FOR HOUSE!

Courts hold that exemption u/s. 54 is available even for multiple houses, if they are adjacent, lateral or vertical! The term ‘a residential house’ used in the Sections 54 & 54F of the Income-tax Act has of late drawn quite significant and interesting interpretations from Courts paving way for an investor to invest his taxable capital gains in even more than one residential house and claim exemption, if the...

TAX RELIEFS ON AGRICULTURAL LAND

Important amendments under Capital Gains Tax & Wealth-tax provisions under the Finance Act 2013  Section 2(14) of the Income-tax Act, which defines ‘capital asset,’ excludes from within its purview an agricultural land situated in India at a place having a population of less than 10,000 as per the last preceding census or at an area not comprised within any municipal limits or within a prescribed distance from...

ENJOY COCKTAIL OF EXEMPTIONS!

ITAT holds that taxpayer can claim simultaneous LTCG exemption for investment in house & bonds! A taxpayer derived long-term capital gains of Rs. 3.40 crores from sale of his ancestral property. Out of the same, he invested Rs. 2.60 crores in a new house for which he claimed exemption under Section 54F of the Income-tax Act. He also invested Rs. 50 lakhs in the specified REC bonds for which he claimed exemption...

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