Urgent- Exemption under 54F
This query is : Resolved
08 May 2009
1. Can a person avail exemption under section 54F if he invests in a residential house property by selling the shares held by him?
[a]what if he is already in possession of more than one property which is put into commercial use and income of such properties is being chargeable under the head 'Income From House Property'.?
[b]If Yes, could u refer please me a case law w.r.t such decision?
[c]if No, kindly substantiate.
[a]what if he is already in possession of more than one property which is put into commercial use and income of such properties is being chargeable under the head 'Income From House Property'.?
[b]If Yes, could u refer please me a case law w.r.t such decision?
[c]if No, kindly substantiate.
10 May 2009
1)Yes.
2)No.
It is mentioned in 54F itself that the assessee should not own more than one property for claiming the exemption.
2)No.
It is mentioned in 54F itself that the assessee should not own more than one property for claiming the exemption.
Message likes :
1 times
11 May 2009
the proviso for sub section 1 states:-
(a) the assessee,
(i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or
(ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or
(iii) Constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; and
so in my question the properties are put into commercial use, can the assessee avail the benefit?
In the meanwhile i found a case law, Commissioner of Income Tax vs. Ouseph Chacko, 271 ITR 29 pertaining to my question.
Kindly advise.
(a) the assessee,
(i) owns more than one residential house, other than the new asset, on the date of transfer of the original asset; or
(ii) purchases any residential house, other than the new asset, within a period of one year after the date of transfer of the original asset; or
(iii) Constructs any residential house, other than the new asset, within a period of three years after the date of transfer of the original asset; and
so in my question the properties are put into commercial use, can the assessee avail the benefit?
In the meanwhile i found a case law, Commissioner of Income Tax vs. Ouseph Chacko, 271 ITR 29 pertaining to my question.
Kindly advise.
11 May 2009
Ownership is the main criteria and not the use.
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
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- ITR 1: Details for showing Exempt Income
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- ITR returnFY25-26
- ITR 2 Short Term gain & Long term gain
- Reporting Income under Section 44ADA
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- Tax liability on income of freelancer
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
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
