Exemption u/s. 54f
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 July 2013
Hi,
Can exemption u/s. 54F be claimed on purchase of house property not approved by municipal corporation for construction (Illegal in common parlance).
There would be registery and all levy (Stamp duty etc) would be paid on the same.
Regards,
Can exemption u/s. 54F be claimed on purchase of house property not approved by municipal corporation for construction (Illegal in common parlance).
There would be registery and all levy (Stamp duty etc) would be paid on the same.
Regards,
CA PARAS BAFNA
(Expert)
26 July 2013
First -have a photo shooting of the area.
.
This is a risky bargain in which lose of 80% or even more of the sales consideration is certain as that house will be demolished sooner or later.
.
Still if the house survives for three years, Income-Tax Act Law does not have any such reservation for disallowance.
.
Exemption will be available subject to above.
.
This is a risky bargain in which lose of 80% or even more of the sales consideration is certain as that house will be demolished sooner or later.
.
Still if the house survives for three years, Income-Tax Act Law does not have any such reservation for disallowance.
.
Exemption will be available subject to above.
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