Exemption u/s 54

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Sweta Kaseruwala (Querist)
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17 June 2014 Is there any restriction in section 54 for claiming exemption if the assessee holds more than one house(except new house) on the date of transfer

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 June 2014 yes assessee should not own more then 1 house on the date of transfer else no deduction is allowed u/s 54.

Sweta Kaseruwala

Sweta Kaseruwala (Querist)
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17 June 2014 but there is no clear wording in Sec.54, is there any case law on the same?

Sweta Kaseruwala

Sweta Kaseruwala (Querist)
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17 June 2014 but there is no clear wording in Sec.54, is there any case law on the same?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 June 2014 sorry i referred as 54F, in this case it will not make any diff if he owns more then 1 house on date of transfer.

Sweta Kaseruwala

Sweta Kaseruwala (Querist)
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17 June 2014 is there any case law/rules on it

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 June 2014 its clear in sec 54 as there is no condition that assessee must not own more then 2 house on date of transfer.

Sweta Kaseruwala

Sweta Kaseruwala (Querist)
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17 June 2014 ya ur right, but i want to give written expl. in the off, so i want it in written, can u help me?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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17 June 2014 but u quothe bare provision and it will serve your purpose i didnt find any case law on this.

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