Capital gain exemption
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
12 August 2012
Whether Purchase of Farm House will be available as residential house property for section 54 against sale of Residential House Property
12 August 2012
As per the case of CIT V VIDYA PRAKASH TALWAR (1981) 132 ITR 661 (DEL).... it was held that while analysing the meaning of house property, emphasis should not be on the type of property, but, on the head under which the rental income is assessed.
And as the income of farm house is taxable under head house property, therefore it should be considered as a house property.
And as the income of farm house is taxable under head house property, therefore it should be considered as a house property.
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