Monthly Archives: May 2014

Revised PAN Application form for “Mothers name on PAN card”

CBDT has revised PAN Application form 49A and 49AA wef from 16.05.2014 vide its notification no. 26/2014 , Dated- 16-5-2014. Revised Form 49A and 49AA provides option to get printed Mothers Name on PAN card. So those applying for New PAN card or for revised PAN card have the option to get printed on their […]

Letter of allotment cannot be considered as investment in residential house – Section 54F

The assessee surrendered tenancy right on 13.9.2005 for a sum of Rs. 1.67 crores after deducting the legal fees , the net consideration came to Rs. 1.66 crores which was also the amount of net capital gain. As per provisions of Sec. 54F, the assessee was supposed to construct the residential house within three years […]

Approval of building plan is not necessary for availing exemption u/s.54F.

It is not disputed that the assessee is not in possession of plot on which a residential building is in existence. The assessee has allegedly utilized the Long Term Capital Gain arising from the sale of shares towards the construction of a new residential house after demolition of old building on the plot-in-question. The assessee […]

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