C.Balaji (Learner) (1867 Points)
30 January 2010Dear friends...
A sells a plot of land and wants to invests the proceeds in a Res. house.....A also owns a Res. House with C (co-owner) and owns another house as a co-owner with B......Can exemption u/s 54F be claimed or will it be allowed????
Sec 54F says that the assessee should not more than one Res. house......
Amir
(Learner)
(4016 Points)
Replied 30 January 2010
Dear balaji,
Since A holds two house properties Sec 54F is not available..
Co ownership or Wholy owned is not relevant.
C.Balaji
(Learner)
(1867 Points)
Replied 30 January 2010
Thanks for your reply Mr. Amir..
My doubt is A owns two Res. House as a co-owner which combines together to form as One Res.house .
Here (According to me), the exemption u/s 54f shall be allowed.....
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 30 January 2010
Amir
(Learner)
(4016 Points)
Replied 30 January 2010
CA PALLAVI VOHRA
(Learner)
(140 Points)
Replied 30 January 2010
Exemption will not be allowed. As on the date of transfer A is said to own two residential houses other than new house.
CA.G.Muguntha Narayanan
(Internal Auditor at TVS Motors)
(2195 Points)
Replied 30 January 2010
C.Balaji
(Learner)
(1867 Points)
Replied 30 January 2010
Dear friends please see this case
Income Tax Officer vs. Sasiklal N. Satra [2006] 280 ITR (A.T.) 0243 (Mum) / (2006)-98-ITD-335(Mum)
C.Balaji
(Learner)
(1867 Points)
Replied 30 January 2010
Please see the attachment and the decision
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 30 January 2010
CA Deepak Joshi
(TaxTalk)
(178 Points)
Replied 30 January 2010
Amir
(Learner)
(4016 Points)
Replied 31 January 2010
Live Course on EPF & ESI Act - Mastercourse(With Govt Certificate)
CAclubindia
