Dear 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......
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.......
CAclubindia
