Availing exemption for addtl. compensation(unique case)
This query is : Resolved
30 July 2010
Hi,
In the year 2001, Mr. X bought a residential property in urban area which was subsequently acquired by Govt. in the year 2004 and within a month of transfer, he invested compensation u/s 54. And in January 2010, some additional compensation received from Govt. on which TDS is deducted.
My question is...
1. Whether he is eligible to claim exemption u/s 54,54EC.
2. The above sections state that date of transfer should be taken for exemption. In this case what is the remedy for claiming exemption under the section. whether the date of transfer or date of receipt of additional compensation should be considered. Kindly Pour in with your Valuable Opinions.
In the year 2001, Mr. X bought a residential property in urban area which was subsequently acquired by Govt. in the year 2004 and within a month of transfer, he invested compensation u/s 54. And in January 2010, some additional compensation received from Govt. on which TDS is deducted.
My question is...
1. Whether he is eligible to claim exemption u/s 54,54EC.
2. The above sections state that date of transfer should be taken for exemption. In this case what is the remedy for claiming exemption under the section. whether the date of transfer or date of receipt of additional compensation should be considered. Kindly Pour in with your Valuable Opinions.
30 July 2010
1. Not eligible for 54 and 54 EC exemption.
2. Additional compensation and interest {subject to deduction u/s 57(iv)} thereon is taxable.
Since initial compensation is received, section 54H is also not applicable.
2. Additional compensation and interest {subject to deduction u/s 57(iv)} thereon is taxable.
Since initial compensation is received, section 54H is also not applicable.
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
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- Itr 1 processing
- ITR 1: Details for showing Exempt Income
- ITR validation error - Balance sheet is not filled
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Bank Accounts in Balance Sheet for ITR 3
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
