Definition of residential
This query is : Resolved
02 April 2015
I have sold 1 gowdown & claimed exemption u/s 54F by investing in residential house. one condition of the section 54F was that the assessee should not have more then one residential house at the time of selling. At the time of sale i was the owner of Two residential house i.e. one for my leaving & the other was for the purpose of residence of the staff of business i.e. for commercial use.
Hence I have only one house for my own residence & the second one residential house was for the purpose of business. Hence please let me know can I claim the benefit of section 54F since the other room has been used for the business purpose, not for residential purpose of the assessee.
Also let me know the correct definition of residential house as per income tax act along with some relevant case law
Please suggest as it is very crucial & urgent.
Your cooperation will be highly appreciable
Hence I have only one house for my own residence & the second one residential house was for the purpose of business. Hence please let me know can I claim the benefit of section 54F since the other room has been used for the business purpose, not for residential purpose of the assessee.
Also let me know the correct definition of residential house as per income tax act along with some relevant case law
Please suggest as it is very crucial & urgent.
Your cooperation will be highly appreciable
02 April 2015
whether used for business purpose or not is not material what is imp fact is that you are owner of 2 hp at same time at time of sale and this will dientitle you from claiming deduction in my view u/s 54F
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02 April 2015
Ok Sir,
Thank You
Can you also let me know that from where i can get the correct definition of Residential House as used in income tax act.
May be i can get something from their which can be useful for me.
Thank You
Can you also let me know that from where i can get the correct definition of Residential House as used in income tax act.
May be i can get something from their which can be useful for me.
02 April 2015
http://www.taxmann.com/taxmannflashes/CHII_IncomefromHouseProperty.htm
in this link sec 22 on income from house propeorty is discussed which applied here also
in this link sec 22 on income from house propeorty is discussed which applied here also
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02 April 2015
Dear Sir,
I have read that but i have not got what exactly you are saying. Can You give me the relevant part by mentioning the Para No.
Please.
I have read that but i have not got what exactly you are saying. Can You give me the relevant part by mentioning the Para No.
Please.
02 April 2015
I further state that in para 2.5 playground is part of residential building,
At the same para it is also mentioned that
In respect of non-residential buildings, the appurtenant lands may be in the form of car-parking spaces, roads connecting one department with another department, playgrounds for the benefit of employees, etc.
it says that used for employee will be non residential
Please guide sir
exactly i am not understanding what to do
At the same para it is also mentioned that
In respect of non-residential buildings, the appurtenant lands may be in the form of car-parking spaces, roads connecting one department with another department, playgrounds for the benefit of employees, etc.
it says that used for employee will be non residential
Please guide sir
exactly i am not understanding what to do
02 April 2015
you have clearely mentioned you were owner of residential house of 2 properties so what you are searching now...even if it was used by your staff still you are the owner only hence in my view no deduction allowed u/s 54F
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