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exemption u/s 54f

assessee had sold one plot and thereafter invested whole of the sale proceeds in buying of new plot for construction of residential house. but later dispute arises on the part of seller of that new plot regarding some objection put by huda official regarding the non payment of some dues. now the civil case is pending in session court. 

 

now please provide me some cases reference where exemption u/s 54f allowed to assessee where civil cases are pending.?



By: KUNAL AGGARWAL

Dear Kunal,

Holding of legal title of property within the given time is not necessary. If the taxpayer pays the full consideration or substantial portion of it (in terms of purchase agreement) within the period as per section, the exemption is available. This rule is applicable even if possession is handed over after the stipulated period or the sale deed is registered later on.

CIT v. Dr. Laxmichand Narpal Nagda [1995] 211 ITR 804 (Bom.).

Kind Regards
TaxReply.com
 



By: TAXREPLY.COM



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24 Apr

☑ Quarterly | GSTR-3B

GSTR-3B for the Quarter Jan - Mar 2024 (QRMP Taxpayers < 5 Cr - Rule 61) - Category II States.

* State Category II - Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand or Odisha or the Union territories of Jammu and Kashmir, Ladakh, Chandigarh and Delhi.

25 Apr

☑ Half-Yearly | ITC-04

ITC-04 for the half year (Oct - Mar 2024) (For taxpayers > 5 Cr. Turnover) - Rule 45.

☑ Annual | ITC-04

ITC-04 for the FY 2023-24 (For taxpayers upto 5 Cr. Turnover) - Rule 45.

28 Apr

☑ Monthly | GSTR-11

GSTR-11 for the m/o Mar 2024 (Statement of inward supplies by persons having Unique Identification Number (UIN)).

30 Apr

☑ Annual | GSTR-4

GSTR-4 (Annual Return) for FY 2023-24 by Composite Taxpayer (Rule 62).

☑ Quarterly | QRMP

Last date for opt-in / opt-out QRMP Scheme for quarter Apr - June 2024 (Rule 61A)