Section 54F – Assessee eligible to get section 54F deduction even if new house was not constructed within prescribed time limit. This was a case where entire sales consideration from previous sale was invested but the construction could not be completed as the original landlord filed a writ petition before HC against acquisition of land by the City Development Authority.
Sharada Mohan Shetty v. ITO – [2023] 150 taxmann.com 122 (Bangalore – Trib.).
CBDT proposes changes in Rule 11UA, introduces 5 more valuation methods for non-resident investors.
Press Release dated 19-5-2023.
Section 28 – Immovable properties acquired by banks have to be treated as ‘stock-in-trade’ and deduction should be allowed for amounts written off under non-banking assets.
CIT v. ING Vysya Bank Ltd. – [2023] 150 taxmann.com 80 (Karnataka).
Overseas spending using international Debit or Credit Cards will not attract TCS upto INR 7 lakh per financial year.
Press Release dated 19-5-2023.
Transfer of land through oral agreement is not valid. Capital gain arises in the year when sale deed is registered.
Allam Adavaiah v. ACIT – [2023] 150 taxmann.com 53 (Hyderabad – Trib.).
Govt. forces stringent norms for usage of International Credit Cards to make payments towards meeting expenses during an overseas visit. Effective from 16-5-2023. Spend now covered under the overall limit of USD 250,000 under Liberalised Remittance Scheme (LRS). [TCS @ 20% shall also be collected u/s 206].
Notification No. G. S. R. 369 (E), dated 16-5-2023.