gg_ggaurav (CA Job) (55 Points)
09 June 2008An assesee has entered into an agreement with an builder to demolish its House Property & construct Five Floors(Funds are invested by Builder).The Assesse gave the 2 Floors to the Builder for consideration.
Whether this will constitute an Transfer of house property or Transfer of Right?
Can Assesse claim the exemption under section 54 or 54F?
Vinod Kashyap
(XBRL Training)
(451 Points)
Replied 09 June 2008
Yes, this will constitute 'Transfer of Capital Assets' with in the meaning of sec. 2(47) of the I.tax Act and shall be subject to tax.
Yes, the assessee can claim the s*xemption u/s 54 or 54 F subject to fullfilment of conditions specified therein.
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