Capital Gain
This query is : Resolved
26 October 2010
Section 54(1) of Income Tax Act 1961 provide that upon sale of residential house the assessee should have purchased or constructed a residential house. The question arise as to whether the words residential house mean one house or whether the assessee will be entitled to exemption in respect of amount invested in two or more houses. Please site any case law on the above matter.Thanks. Vimal
26 October 2010
There is one case law KC kaushik VS ITO 84CTR62 in which the court has said that if the assessee has purchased more then two houses, it is up to assessee to chose for which house he takes the deductions. From this case an interpretation can be drawn that the exemption is avaiable only for one house.
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
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Regarding ITR filing with more value than showing in AIS/TIS
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Difference in GSTR3B system generated which is correct and actual Payment it asks
- GST ON TRAVELLING BILLS
- Rental income of jointly held property
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Exiting partner in partnership firm in gst portal
- Taxability of credit in canara bank ET & T section (NRO)
- Consequences of Non-Deduction of TDS under Income Tax???????????????
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
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
