Under Which PAN An Executor Has To File ROI?
Section 168 of the Act applies to executors as well as to administrators or other person administrating the estate of a deceased person. Sections 159 and 168 of the Act deal with assessments on legal representatives. Section 159 of the Act is meant to enable the revenue to make an assessment on legal representation in respect of the income which accrued to or was received by the deceased,
Whether Installment Received Of Money Back Policy Is Liable To Tax?
From the facts, it is clear that Mr. X has taken money back insurance policy called as New Bima Bachat Policy. As per the terms of the said policy, it is a single premium payment policy, where sum assured will be paid back to the policy holder in the form of survival benefit periodically.
Whether Benefit Of Section 54F Is Available Of HUF Invest In The Name Of Co-parcener?
According to me no benefit would be available to the HUF if it invests in the name of coparcener. Under section 2 (31) read with section 4 the HUF as well as coparcener are separate assessable entities. This view is supported by the decision of Income Tax Appellate Tribunal, Nagpur Bench in ITO vs. Prakash Timaji Dhangode [258 ITR (AT) 114], where the Tribunal has held as under:
Is Land Owner Entitle For Benefit Of Section 54F For Giving Development Right To Developers?
From the fact it is clear that land owner would retain the land and developer would allot five flats as consideration for transfer of development right to developer. As per DCIT v. G. Raghuram [46 ITR 136 (Hyd.)], the cost
Whether Benefit Of Section 54F Is Available If A Property Other Than Residential Property Was Sold?
As I understand from the query, that the assessee has received a residential house property under will during the financial year 2000-01, which was purchased by the previous owner in 1975. Now dismantling the said property, the assessee has sold the said property in the financial year 2009-10. I presume that the previous owner was
Whether Benefit of Section 54F Is Available If Purchased In Joint Names?
In CIT v. Ravinder Kumar Arora [342 ITR 38 (Del.)], the facts were, the assessee claimed exemption of capital gain to the extent of Rs. 3,18,59,276/- under section 54F of the Act on account of purchase of a new house property, out of the total gain arising from sale of land. The AO rejected the claim because the house had been purchased in the joint names of
Whether Benefit Of Section 54F Is Available If Invested In One Residential House By Selling Two Properties?
Yes. The main purpose of section 54 of the Income tax Act, 1961 is to give relief in respect of profits on the sale of a residential house. Section 54F of the Act, provides that where any capital gains arises from the transfer of any long term capital asset, other than residential house and the assessee purchases within one year before or after the date on which
Whether Benefit Of Section 54EC Is Qua Asset Or Qua Financial Year?
(a) No, section applies to assets sold during the year and not the qua asset. (b) The exemption should be claimed in the year in which long-term gain arises and invested in long-term specified assets within six months from the date of transfer.
Whether Benefit Of Section 54EC Is Available Financial Year Wise?
Yes, In ITO v. Ms. Rania Faleiro [142 ITD 769] the Panji Tribunal has held as un-der: “The plain reading of section 54EC(1) as well as the proviso thereto clearly sug-gests that the limit of Rs. 50 lakhs as given under the proviso is as per person per financial year. There is no ambiguity in the interpretation, Had there been an intention of the legislature to restrict the exemption of Rs. 50 lakhs, the legislature would have provided the embargo in this regard
What Is Time Limit For Investing In Bonds?
The exemption up to Rs. 50/- lakhs would be available under section 54EC, if the capital gains arises from the transfer of a long term capital asset, (being the original asset) and the assessee has, at any time within a period of