Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Exemption Sec. 54 F

Save Share

This query is : Resolved

CA Chinu Agrawal (Querist)
Follow

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

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
Follow

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).

Message likes : 1 times

Guest

Guest (Expert)

29 January 2011 Agree with Mr. Warrier's perfect opinion

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now