54f construction of first floor
This query is : Resolved
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?
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?
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.
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.
11 March 2014
Ok, Thanks.
Confusion was mainly regarding construction of first floor.
Confusion was mainly regarding construction of first floor.
11 March 2014
ur welcome swasti.....
11 March 2014
Ok, Thanks.
Confusion was mainly regarding construction of first floor.
Confusion was mainly regarding construction of first floor.
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
11 March 2014
Yes. Thank you so much!
11 March 2014
you are welcome once again swasti.....
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".
11 March 2014
Thank you so much sir!
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