Exemption Sec. 54 F
This query is : Resolved
28 January 2011
to avail exemption u/s 54F assessee should not be owner of more than one residential house property.
Question is ,what if assessee is having joint ownership in 2 properties , in both properties he is the first owner ,what if if he is second owner in one house property
Question is ,what if assessee is having joint ownership in 2 properties , in both properties he is the first owner ,what if if he is second owner in one house property
28 January 2011
"Own" in s. 54F would include only the case where a residential house is fully and wholly owned by assessee and
consequently would not include a residential house owned by more than one person. So ,in the given case,assessee is entitled to avail the benefit of section 54F.
Citation :-INCOME TAX OFFICER vs. RASIKLAL N. SATRA (2006) 98 ITD 335 (Mumbai).
consequently would not include a residential house owned by more than one person. So ,in the given case,assessee is entitled to avail the benefit of section 54F.
Citation :-INCOME TAX OFFICER vs. RASIKLAL N. SATRA (2006) 98 ITD 335 (Mumbai).
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Guest
Guest
(Expert)
29 January 2011
Agree with Mr. Warrier's perfect opinion
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