Exemption u/s 54
This query is : Resolved
28 December 2013
If a residential house is VACANT for whole P.Y. Is it a residential house for the purpose of claiming exemption U/S 54? Whether it is must either to self-occupied or to let out such property.
28 December 2013
yes. it is a residential house for claiming exemption u/s 54.
28 December 2013
It is a vexed issue.
Answer is NO if you go by the head line of section which says 'used for residence'.
Answer is YES if you go by the content of section which says 'being a residential house'.
Answer is NO if you go by the head line of section which says 'used for residence'.
Answer is YES if you go by the content of section which says 'being a residential house'.
28 December 2013
well given the fact that section does not exclude vacant houses (since it provides that the income from the house should chargeable under "income from house property" which shall also include vacant house (as a deemed let out property)), there is no reason to say that the proposed sale of the vacant house shall not be eligible for exemption benefits under section54.
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