54f construction of first floor

This query is : Resolved

Swasti Purohit (Querist)
Follow

11 March 2014 To avail the exemption u/s 54F, can the construction of first floor in an existing house be eligible for deduction?
What are the legal requirements for the same?
Is separate registry for first floor required?

Also, what are the provisions for deposit under Capital Gains Deposit Scheme?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

11 March 2014 if the house are connected no sep regsitration are required as its construed as i house only for sec 54F.

u need to keep it in Deposit scheme if not utilised in the same year and only must be used for the purpose for which deduction is claimed.

Swasti Purohit

Swasti Purohit (Querist)
Follow

11 March 2014 Ok, Thanks.
Confusion was mainly regarding construction of first floor.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

11 March 2014 ur welcome swasti.....

Swasti Purohit

Swasti Purohit (Querist)
Follow

11 March 2014 Ok, Thanks.
Confusion was mainly regarding construction of first floor.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

11 March 2014 ya i have ans that if the original house is connected to first floor via ladders then it is allowed u/s 54F

Swasti Purohit

Swasti Purohit (Querist)
Follow

11 March 2014 Yes. Thank you so much!

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
Follow

11 March 2014 you are welcome once again swasti.....

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

11 March 2014 There is a passing reference in Kerala High court decision in Ms. Meera Jacob Vs. ITO reported in 313 ITR 411 that " a self contained additional floor to the existing house qualifies for exemption under section 54F of the Income tax Act,1961".

Swasti Purohit

Swasti Purohit (Querist)
Follow

11 March 2014 Thank you so much sir!

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

54f construction of first floor

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

GST CONSULTANT

Manager- Finance and Compliance

GST CONSULTANCY

Accountant

Article Assistant