Co-owner

Dear balaji,

Since A holds two house properties Sec 54F is not available..

Co ownership or Wholy owned is not relevant.

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.....

Exemption will not be allowed. As on the date of transfer A is said to own two residential houses other than new house.

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)

Please see the attachment and the decision

You are always welcome Mr.Dhiraj.......