DOES RESIDENTIAL PROPERTY REFFERED IN CHAPTER IV-E IN SECTION 54 REFER TO "ALL PROPERTIES" WHICHEVER IS TAXABLE UNDER THE HEAD OF "INCOME FROM HOUSE PROPERTY "
IF IT IS A COMMERCIAL PROPERTY(SOPB) WHICH IS SOLD ,THEN ,WILL HE BE ABLE TO AVAIL THIS DEDUCTION???
WHAT WILL BE THE CASE IF THE COMMERCIAL PROP. IS A LET OUT PROPERTY????
I AM AN IPCCSTUDENT I NEED HELP GUYS!!!
DOES RESIDENTIAL PROPERTY REFFERED IN CHAPTER IV-E IN SECTION 54 REFER TO "ALL PROPERTIES" WHICHEVER IS TAXABLE UNDER THE HEAD OF "INCOME FROM HOUSE PROPERTY "
No -Residential House Property as referred to in Section 54 is that property which is used by us for dwelling purpose. Residential House property does not includes let out commercial Property.
IF IT IS A COMMERCIAL PROPERTY(SOPB) WHICH IS SOLD ,THEN ,WILL HE BE ABLE TO AVAIL THIS DEDUCTION??? WHAT WILL BE THE CASE IF THE COMMERCIAL PROP. IS A LET OUT PROPERTY????
You can avail deduction U/s 54F subject to conditions mentioned in that section.
CAclubindia
