Diagnostic microcuvette classification follows sole-use analytical function, placing specialised disposable cuvettes with their analyser rather than g...
Customs Broker licensing proceedings fail when their offence-report foundation collapses and authorisation, advisory, and KYC duties remain unbreached...
Tariff classification of Digital Axle Counters affirmed as electro-mechanical railway signalling equipment, eliminating duty, confiscation and penalty...
Section 54F applies only where the transferred long-term capital asset is not a residential house; exemption is therefore unavailable when both the original and replacement assets are residential properties. Section 54 requires the same assessee to sell the original residential property and purchase or construct the new property within the stipulated period. Investment solely in a spouse's name does not satisfy this requirement, as spouses are distinct legal entities and the husband's sale cannot be clubbed with the wife's sole acquisition. Consequently, capital-gains exemption under sections 54F and 54 was denied.
Section 54F applies only where the transferred long-term capital asset is not a residential house; exemption is therefore unavailable when both the original and replacement assets are residential properties. Section 54 requires the same assessee to sell the original residential property and purchase or construct the new property within the stipulated period. Investment solely in a spouse's name does not satisfy this requirement, as spouses are distinct legal entities and the husband's sale cannot be clubbed with the wife's sole acquisition. Consequently, capital-gains exemption under sections 54F and 54 was denied.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4894 
