Section 54 f, single res. house
This query is : Resolved
06 September 2013
SIRS
I sold a vacant urban land in fy 2011-12.At that time I had one let out residential flat(allotted in partition of huf of father) in my sole name and undivided share in one more self occupied(by me and brothers) residential house.Will I get exemption by investing in another res. flat in the following situation-
Although me and my two brothers were partitioned in respect of 95% of our joint property but in respect of one residential house in which all brothers live together having one kitchen still.
please reply soon
thanks in advance
I sold a vacant urban land in fy 2011-12.At that time I had one let out residential flat(allotted in partition of huf of father) in my sole name and undivided share in one more self occupied(by me and brothers) residential house.Will I get exemption by investing in another res. flat in the following situation-
Although me and my two brothers were partitioned in respect of 95% of our joint property but in respect of one residential house in which all brothers live together having one kitchen still.
please reply soon
thanks in advance
07 September 2013
undivided share in a joint family property or coownership in a property does not constitute absolute ownership of the same and as such exemption u/s 54f shall be available.
REF; ito vrs sri rasiklal n satra ITAT 19/9/05
S.C. Banarsi das gupta vrs CIT 166 ITR 783
REF; ito vrs sri rasiklal n satra ITAT 19/9/05
S.C. Banarsi das gupta vrs CIT 166 ITR 783
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