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The Income Tax Act, 1961 (‘the Act’) empowers the tax officer to re-open and re-assess a taxpayer’s case, where an order has been passed after conducting scrutiny proceedings.

A taxpayer sold his residential flat in Ahmedabad in the financial year 2008-09 for Rs 13.50 lakh. This flat was acquired in FY 1995-96 for Rs 4.01 lakh. In his return of income, the taxpayer claimed exemption u/s 54 of the Income Tax Act (‘the Act’) on account of his purchase of a property in

A taxpayer booked a flat for a total consideration of Rs 83,30,000 by paying Rs 11 lakh on March 10, 2008 and received allotment on the same date. The balance amount of Rs 29 lakh was paid during the period March to June, with the final payment being made on June 25, 2008.

A taxpayer had declared long-term capital gains from sale of Rs 5,42,000 from sale of an immovable property in Delhi. The sale of property was via a tripartite agreement dated November 4, 1993 between the buyer who paid Rs 45 lakh to the tenant to vacate the property and Rs 55 lakh to the taxpayer

The Income Tax Act (‘the Act) allows a taxpayer to correct any omissions or wrong statements in their returns by filing a revised return, provided they have filed the original return within the prescribed due date.

In a case that came up before the Delhi High Court, a notice dated March 27, 2015 under the Income Tax Act (‘the Act’) towards the reopening of scrutiny assessment proceedings (‘reassessment’) for Assessment Year (AY) 2008-09 was issued to a taxpayer.

Section 54 of the Income Tax Act (‘the Act’) provides exemption of capital gains resulting from the sale of a house property, if the same is invested in purchasing a house property within two years from the date of sale.

A house can either be used by an individual for his own occupation or let out on rent. In some cases, the property, if more than one, can be kept vacant or may be used for one’s business purposes.