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Avoiding the Section 54 Tax Trap: Real Estate Investment Lessons

Learn how a taxpayer faced a ₹99 lakh tax hit despite following the rules and how to avoid similar pitfalls in real estate investments.

Real Estate

ITAT Rules: Interior and Utility Costs Count as Acquisition Cost for Residential Property

The Income Tax Appellate Tribunal (ITAT) in Chennai has ruled that expenses on interior works and essential utility connections can be included in the cost of acquisition of a new residential property, qualifying for exemption under Section 54 of the Income Tax Act, 1961.

Real Estate Mumbai

Can a Wife Claim Section 54 Tax Exemption by Selling Flats Gifted by Her Husband?

A recent Mumbai ITAT ruling has confirmed that a wife can claim full Section 54 capital gains exemption when selling flats gifted by her husband and reinvesting in a new property.

Real Estate Mumbai

Wife Avoids Income Tax After Selling Two Mumbai Properties for Rs 6 Crore

A wife in Mumbai managed to avoid income tax after selling two properties for Rs 6 crore by leveraging Section 54 benefits and reinvesting the proceeds.

Real Estate Mumbai

Husband and Wife Duo Triumphs in Rs 1.3 Crore LTCG Tax Exemption Case

A husband and wife duo from Mumbai successfully won a Rs 1.3 crore long-term capital gains tax exemption case under Section 54 after purchasing a new property in joint names. Discover the key details and implications of this landmark decision.

real estate news

Delhi High Court Rejects Widow's Tax Exemption Claim for Purchasing Two Flats

The Delhi High Court has denied a widow's claim for capital gains tax exemption under Section 54F of the Income Tax Act, as she had purchased two non-adjacent flats in Noida using the proceeds from the sale of a plot inherited from her husband.

Real Estate

Clarifying Capital Gains in Real Estate: Simplifying Acquisition and Reinvestment Dates

The author suggests that the Finance Minister consider adding a clarification to treat the date of possession as the date of acquisition for under-construction properties under Sections 54 and 54F to ease litigation and provide clarity to taxpayers.