54f constructed house
This query is : Resolved
17 August 2015
2 crore cap.gain was invested in buying land of rs.2 crore, conscruction of house is barely rs.10 lacs.
its like a farm house.
can we claim full 2 crore u/s. 54f?
regards, ca kunjan, 9222922292, www.CAnaresah.com
its like a farm house.
can we claim full 2 crore u/s. 54f?
regards, ca kunjan, 9222922292, www.CAnaresah.com
17 August 2015
Invites litigation for such type of tax planning.
17 August 2015
House includes Farm House. Subject to other conditions of 54F, you can claim the deduction
17 August 2015
Amol Ji
The question, as I understood, is whether a small building (a farm house like) surrounded by large extent of vacant land appurtenant qualifies for deduction u/s 54F.
The Madras High court in the case of CIT Vs. M. Kalpagam reported in (1997) 227 ITR 733 has put in certain test criteria to judge such issues. That is why I said it is a vexed question.
The question, as I understood, is whether a small building (a farm house like) surrounded by large extent of vacant land appurtenant qualifies for deduction u/s 54F.
The Madras High court in the case of CIT Vs. M. Kalpagam reported in (1997) 227 ITR 733 has put in certain test criteria to judge such issues. That is why I said it is a vexed question.
Message likes :
1 times
18 August 2015
You are absolutely right B Chackrapani Warrier. The principles laid down for "residential house" vis a vis "dwelling unit" MUST be followed while determining if farm house is residential house.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Opting our of sec 44AD
- GST Treatment of Insurance Commission for Existing GST Holder
- Form 121 & TDS deduction
- Transporter Declaration form
- SALE OF MOTOR CAR BY REGISTERED INDIVIDUAL
- LC charges in relation to Asset purchased should be Capitalised ?
- Multiple trade mark
- Invoice V/S Goods receipt Note Date
- Regarding appeal to GSTAT
- ITR U for F.Y-2024-2025 From Yesterday
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
