Capital gain
This query is : Resolved
10 February 2018
A person has sold his property by 1.90 crore and purchase 6 flats in two apartments namely in Apartment A (TWO flats) in Apartment B (FOUR Flats) respectively.Naturally cost of flats in Apartment B is much higher than A.So for exemption u/s 54
1.It is possible to take consideration of all the four flats in Apartment B.Out of four, Three flats are in the same floor but separated by wall.
2.As from AY 2015-16 only one residential house can be purchased or constructed.So how we can claim deduction u/s 54.Please advise with a legal pronouncement if available.
1.It is possible to take consideration of all the four flats in Apartment B.Out of four, Three flats are in the same floor but separated by wall.
2.As from AY 2015-16 only one residential house can be purchased or constructed.So how we can claim deduction u/s 54.Please advise with a legal pronouncement if available.
12 February 2018
HIGH COURT OF BOMBAY - Commissioner of Income-tax -21, Mumbai v. Devdas Naik
You can refer this case law and can take those three units separated by wall as one residential property. But lot of other factors needs to be seen for taking the benefit under section 54. General layout plan, internal layout plan, map, agreements needs to be seen for deciding whether the benefit can be taken or not
You can refer this case law and can take those three units separated by wall as one residential property. But lot of other factors needs to be seen for taking the benefit under section 54. General layout plan, internal layout plan, map, agreements needs to be seen for deciding whether the benefit can be taken or not
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
- Off Market debit and credit transaction
- Itr 1 processing
- Reporting Income under Section 44ADA
- ITR validation error - Balance sheet is not filled
- ITR 1: Details for showing Exempt Income
- ITR returnFY25-26
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Bank Accounts in Balance Sheet for ITR 3
- 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
