Single residential unit exemption
This query is : Resolved
CA Hemant Agarwal
(Querist)
25 June 2016
Sir, Help me in this regard:-
A private limited company has made an agreement for sale of plot to different customers. And sold the plot of land to different customers and registered the same in their name.
Further the company has made an another agreement with each of the customer to whom plot of land has been sold for construction of residential unit.
In this regard i want to know that the exemption of 25/2012, "Exemption in construction of Single residential unit otherwise than part of residential complex" can be availed by the company or not.As the Flats has been sold to separate family.
Thanking You,
A private limited company has made an agreement for sale of plot to different customers. And sold the plot of land to different customers and registered the same in their name.
Further the company has made an another agreement with each of the customer to whom plot of land has been sold for construction of residential unit.
In this regard i want to know that the exemption of 25/2012, "Exemption in construction of Single residential unit otherwise than part of residential complex" can be availed by the company or not.As the Flats has been sold to separate family.
Thanking You,
CA R SEETHARAMAN
(Expert)
26 June 2016
Exemption can't be availed in view of construction of more than one residential house.
CA Hemant Agarwal
(Querist)
27 June 2016
That means they construct only one unit in their whole life for getting exemption.
CA R SEETHARAMAN
(Expert)
27 June 2016
No, construction of more than one individual house in a approved layout with common facilities will not be exempted. Construction of single unit in different layouts will be exempted.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Late Filing Fee Waiver for Q1 Form 144 (Earlier 27Q) – Transition to Income-tax Act, 2025
- GSTR9 Annual Return
- Ito add credit side of bank
- Employee secondment
- Gift to nri relatives resides in usa
- Applicability of tax on invoice
- Import of Capital Machine
- Form 144 TDS Return Validation error
- LLP audit and disclosure
- Rent agreement of House of deceased person
- Rectification under processing even after 6 months cpc portal
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
