Daily Intelligence Capsule — 3 September 2026
Latest EditionLatest Edition — Thursday, 3 September 2026P&H HC Upholds Section 54F Exemption on Jointly Owned House
Jangpal Singh Tanwar Case Explained
The Punjab & Haryana High Court has dismissed the Revenue's appeal and upheld a taxpayer's Section 54F capital gains exemption even though the replacement house was purchased jointly with his wife and son — because he had invested the entire capital gain himself.
Read the briefingP&H HC Denies Section 54B Exemption for Land in Wife's Name
Bahadur Singh Case Explained
The Punjab & Haryana High Court has denied a taxpayer's Section 54B capital gains exemption because the replacement agricultural land was purchased solely in his wife's name, not jointly with him — a ruling delivered the same day as a contrasting Section 54F decision.
Read: Bahadur Singh Case ExplainedFAST-DS 2026: Form 1 Live on e-Filing Portal
How to Disclose Foreign Assets Before 31 December 2026
The Income Tax Department has activated Form 1 for the Foreign Assets of Small Taxpayers Disclosure Scheme, 2026 (FAST-DS 2026) on the e-Filing portal. A practical guide to eligibility, the 60% effective levy, the ₹1 lakh fee track, the valuation date, and how to file before 31 December 2026.
Read: How to Disclose Foreign Assets Before 31 December 2026Did You Know
On 3 September 2026, the Punjab & Haryana High Court…
On 3 September 2026, the Punjab & Haryana High Court decided a Section 54F case and a Section 54B case on the very same day — and reached opposite outcomes on what looks, at first glance, like a similar fact pattern. The exemption survived where the assessee himself remained a co-owner of the replacement house and had invested his own capital gain (Section 54F). It failed where the replacement agricultural land was purchased entirely in the assessee's wife's name, with the assessee not on the title at all (Section 54B). The deciding fact in both cases wasn't who benefited from the property — it was whose name was actually on the deed.
Read: On 3 September 2026, the Punjab & Haryana High Court…What's the Penalty?
Your client and his three siblings jointly owned agricultural land…
Your client and his three siblings jointly owned agricultural land, which they sold in equal shares. Using his one-fourth share of the sale proceeds, your client purchased replacement agricultural land — but for convenience, registered it entirely in his wife's name. He claims exemption under Section 54B of the Income-tax Act, 1961 on the capital gain from his share of the sale. Separately, a colleague mentions a different client who bought a replacement house jointly with his wife and adult son and successfully claimed Section 54F exemption, so your client assumes his position is equally safe since both cases involve buying property in a spouse's name.
Read: Your client and his three siblings jointly owned agricultural land…