Sec 54a of income tax
This query is : Resolved
CA Raman Goel
(Querist)
11 July 2012
for claiming exemption u/s 54 it does not matter whether assesses has one house or more than one house on the date of transfer
Is this statement true?
Is there any case law on this subject?
Pls help
Is this statement true?
Is there any case law on this subject?
Pls help
11 July 2012
Section 54 does NOT specify that the assessee should not own any other house property.
This requirement is only for Section 54F.
This requirement is only for Section 54F.
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CA Rahul Gupta
(Expert)
11 July 2012
As per the Provision of the Act:- Yes,This statement is correct, does not matter whether assessee has one or more house on the date of transfer to claim exemption u/s 54
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CA Raman Goel
(Querist)
11 July 2012
sir
is any case law on this subject?
is any case law on this subject?
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CA CS Amit S. Kedia
(Expert)
11 July 2012
Case law is not required if section does not restrict the assessee from claiming the exemption.
Further, the Assessee can invest in more than one property for claiming the exemption then it can be construed that there is no condition of having only one residential property.
Further, the Assessee can invest in more than one property for claiming the exemption then it can be construed that there is no condition of having only one residential property.
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