Sec 54f of income tax
This query is : Resolved
14 December 2013
Sir,a person sold his land and to avail exemption u/s 54f,he planned to purchase a flat.He gave the whole amount to a builder.But after 3 years,the builder returned the whole sum telling that he can't allot him a flat.
the person is genuine.Wheather there is any ground on which he will not be chargable to tax?
the person is genuine.Wheather there is any ground on which he will not be chargable to tax?
14 December 2013
Considering the genuineness of the transactions and the facts behind builder's refusal to allot the flat the matter may be decided. The assessee can demand justice if things were not under his control.
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14 December 2013
it seems there is no relief for you. you would get covered under 54F(3).
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14 December 2013
sir can we file any petition against that builder claiming recovery of tax that we had to pay along with loss of interest?
14 December 2013
yes. you can. you can claim for damages and loss of interest. that is very much there. You have all the rights to claim damages from the builder.
Also, please refer to CBDT circular No. 471 [F. No. 207/27/85-IT(A-II)], dated 15-10-1986.
The circular also talks about "If there is a failure on the part of the D.D.A. to deliver the possession of the flat after completing the construction, the remedy for the allottee is to file a suit for recovery of possession."
Similar circular for other builders No. 672, dated 16-12-1993.
Though these circulars are on a different issue. they do cover issue of filing suit against the builder.
Also, please refer to CBDT circular No. 471 [F. No. 207/27/85-IT(A-II)], dated 15-10-1986.
The circular also talks about "If there is a failure on the part of the D.D.A. to deliver the possession of the flat after completing the construction, the remedy for the allottee is to file a suit for recovery of possession."
Similar circular for other builders No. 672, dated 16-12-1993.
Though these circulars are on a different issue. they do cover issue of filing suit against the builder.
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