15 February 2016
Can you send me the format of Appeal to be filed for Rejection Capital Gains exemption u/s 54. Kindly send the format having Grounds of appeal & other details to Commissioner Appeals
15 February 2016
Appeals before of the CIT (A) has to be filed in Form 35 in duplicate after payment of requisite fees. The Statement of Facts and Grounds of Appeal. vary from case to case depending on the assessment order. You can download Form No 35 from the Income Tax Forms site and it comprises of two pages.
18 February 2016
There are a number of grounds for rejecting exemption u/s 54. The most common ones are as below: (a) Capital Asset sold was not residential house. (b) The investment in new residential house was not made within the prescribed time frame. (c) If the prescribed time frame is likely to be exceeded, conveying the information and transferring the capital gains to a specified bank account. (d) The investment is not of the full amount and hence part of the capital gains is taxed.
If you can let me know the specific grounds I may be able to send you a draft of Ground of Appeals / Statement of Facts.
20 February 2016
Do you already own a residential house at the time of construction of the new residential house. Was the house you sold shown as a residential house in your ITR.
I will forward a draft Grounds of Appeal to you by PM - if useful you may use it.
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