Transfer of residential house property surrounded by some land
This query is : Resolved
16 August 2022
Sir/Madam;
If one sold residential house property surrounded by some vacant land.
Then it is to be treated as ??
1. Transfer of Residential house property only Or
2. Transfer of land only Or
3. Transfer of both residential HP & land proportionately. I.e. Consideration received needs to be bifurgated between house & land. FMV as on 1st apr 2001 needs to be obtained separately for land & house. ??
And then he purchased another house surrounded by vacant land; for claiming exemption u/s 54/54F; can he claim full amount paid as exemption or amunt paid only to acquire house needs to be bifurgated & exemption will available only for house purchased amount and not total amount paid inclusive of land ??? Plz reply.
Thanx in advance.
If one sold residential house property surrounded by some vacant land.
Then it is to be treated as ??
1. Transfer of Residential house property only Or
2. Transfer of land only Or
3. Transfer of both residential HP & land proportionately. I.e. Consideration received needs to be bifurgated between house & land. FMV as on 1st apr 2001 needs to be obtained separately for land & house. ??
And then he purchased another house surrounded by vacant land; for claiming exemption u/s 54/54F; can he claim full amount paid as exemption or amunt paid only to acquire house needs to be bifurgated & exemption will available only for house purchased amount and not total amount paid inclusive of land ??? Plz reply.
Thanx in advance.
16 August 2022
When the property having single survey or property number, when sold as a whole in single registration deed, it is treated under a sell of a house property. As such sec 54 is applicable.
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17 August 2022
U R Welcome ...
17 August 2022
And sir; same rule apply for section 54 exemption ?? Say if house purchased with appurtenant land having single survey number & single sale deed. Then entire amount can claim exemption u/s 54 or consideration needs to be bifurgated & exemption us 54 available only to house proportion ???
17 August 2022
Regarding sales i got your point. Just confused abount second part i.e. investment part of section 54.
17 August 2022
Yes, section 54 applies while purchase of house property. Only thing to be checked is the land appurtenant to the house property is not agricultural land.
17 August 2022
Most welcome ...
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