Section 54
This query is : Resolved
Rachna Khatwani
(Querist)
26 February 2015
Hi all
Can anyone please help in the following matter?
Section 54F states: The assessee shall not Own morethan One Residential House on Date of Transfer of Original asset(Apart from the New One being purchased for claiming exemption under this section)
What does the word "own" mean as envisaged in section 54 for claiming exemption?
Does it mean having possession of the property or does it also mean that even if allotment letter is received from builder, it would amount to owning the property?
Can anyone please help in the following matter?
Section 54F states: The assessee shall not Own morethan One Residential House on Date of Transfer of Original asset(Apart from the New One being purchased for claiming exemption under this section)
What does the word "own" mean as envisaged in section 54 for claiming exemption?
Does it mean having possession of the property or does it also mean that even if allotment letter is received from builder, it would amount to owning the property?
26 February 2015
it means he is not the real or beneficial owner on date of transfer.
yes allotment letter if received from builder shall be included in "own" definition.
yes allotment letter if received from builder shall be included in "own" definition.
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