MUMBAI: The Mumbai bench of the Income-tax Appellate Tribunal (ITAT) has concluded recently that, in the instance of an under-construction property, the date of possession is what counts toward qualifying for a tax advantage under section 54 of the Income-tax (I-T) Act. This decision is significant because it establishes a deadline for making an investment […]
Key date of residence for tax benefits: ITATmore
MUMBAI: It is not unusual for a spouse’s name to appear on a flat title. Many people may find value in a recent ruling made by the Income-tax Appellate Tribunal’s (ITAT) Mumbai branch. The Income-tax (I-T) Act’s section 54-F, which deals with long-term capital gains, states that a spouse who co-owns an asset and then […]
Tax benefits on investments in another home will still be available to joint owners of the current apartment: ITATmore A construction company, which planned to take care of its workers, support staff and employees during the Covid-19 pandemic and was unable to do so because of the pending Income Tax (I-T) claim for Rs 2.91 crore, frozen bank accounts and the attachment of its debtors, received a favourable order from the Income Tax Appellate […]
ITAT approves hold on paying tax demand to make builder pay its workers.more
By Abhay Shah, Realty Quarter Recently, the Mumbai Bench Income Tax Appellate Tribunal’s (ITAT) held that the investment-linked capital gains tax exemption available on the purchase of a new house cannot be refused simply because the taxpayer used a home loan instead of his old house’s sale proceeds. Under the Income Tax (I-T) Act, capital gains […]
ITAT declares tax exemption available for capital gains even if loan used for a new house.more