Specified income of Baddi Barotiwala Nalagarh Development Authority receives conditional tax exemption, retrospectively covering its designated assess...
Specified development authority income receives retrospective tax exemption, subject to non-commercial activity, unchanged income sources, and return-...
Unified Brand India framework introduces voluntary Trust Mark certification and funding support for export branding, packaging and global promotional ...
Origin Declaration authentication governs preferential tariff claims under India-UK CETA, requiring a validated reference number before import clearan...
Separate assessment orders for different years remain valid when distinct notices and hearing opportunities prevent prejudice from combined proceeding...
Defined public benefit can retain charitable character; registration renewal requires examining genuine activities and legal compliance, not surplus a...
Capital reduction is distinct from share buy-back, preventing buy-back tax; restructuring interest and related business deductions also survive scruti...
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Section 54F requires construction of a residential house within three years of transfer of the original asset; it does not require the underlying land to be acquired after that transfer. The cost of land bought earlier may therefore form part of the cost of the new residential house. The note further explains that failure to deposit unutilised capital gains in the Capital Gains Account Scheme by the section 139(1) due date does not defeat exemption where the consideration is actually used for genuine construction within the statutory period, treating the deposit requirement as procedural where substantive investment conditions are met.
Section 54F requires construction of a residential house within three years of transfer of the original asset; it does not require the underlying land to be acquired after that transfer. The cost of land bought earlier may therefore form part of the cost of the new residential house. The note further explains that failure to deposit unutilised capital gains in the Capital Gains Account Scheme by the section 139(1) due date does not defeat exemption where the consideration is actually used for genuine construction within the statutory period, treating the deposit requirement as procedural where substantive investment conditions are met.
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