Thursday, May 16, 2013

Section 50C read with Section 54 and 54F : Exemptions from Capital Gain

The Mumbai ITAT bench has held that Section 50C does not apply to transfer of immovable property held through company

The Mumbai ITAT bench has held that Section 50C does not apply to transfer of FSI & TDR.

The Delhi High Court has held that several independent units can constitute “a residential house” for the purposes of section 54 / 54F.

The Punjab & Haryana High Court has held that a family settlement does not result in a “transfer” and compensation received to equalize inequalities in family settlement is not taxable as “income”.

The Delhi High Court has held that gains on shares held in investment portfolio are not assessable as business profits.

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