Deduction u/s 54
This query is : Resolved
05 May 2013
2 residential property, one in the name of HUF and other in the name of karta has been sold and a single new flat has been purchased from the sale consideration of both the above flats. In this case both HUF and karta can claim deduction u/s 54 or not ?
08 May 2013
Can we take deduction in both of them if new flat is purchased both in the name of HUF as well as in the name of karta ?
20 June 2013
Yes it can be taken provided one property has been shown in the Balance Sheet of HUF and the other in the Balance Sheet of Individual. If this is not so then you cannot do if both the properties are appearing in the Balance Sheet of HUF it is not material if it is in the name of Kart but your HUF iw owning two properties.
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
- Price inclusive or exclusive of GST while made entry in P& L Account
- Gst registered proprietorship firm
- TDS Challan - change of FY 2025-26 to TY 2026-27
- Minimum tax payable to file Updated return
- AUDITOR APPOINTMENT FOR THE YEAR ENDING MARCH 27
- TDS on Fixed Assets purchased
- TDS on purchase of under construction property from a reseller
- GST Intimation due to Government took possession of Business Premises under PPE Act
- Salary from Qatar in Dollars in India
- GST ISSUE OF INPUT AND OUTPUT GST
- How to Handle Active E-Invoices in GST Portal Deleted from Tally?
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Starting trading business
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
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
