If assesee have his own residence house. and one office which is closed from long time. now he sold that office. from that he earns LTCG of approx 20 lacs. he is planning to do the investment in house propery.
do he get the deduction.....??
Aankit Khandelwal (Aricle Assistant) (34 Points)
14 September 2011If assesee have his own residence house. and one office which is closed from long time. now he sold that office. from that he earns LTCG of approx 20 lacs. he is planning to do the investment in house propery.
do he get the deduction.....??
VIJAYKUMAR
(CHARTERED ACCOUNTANT)
(203 Points)
Replied 14 September 2011
He can get deduction under section 54 F
Nitin Garg
(CA FINAL Article Trainee B.com)
(171 Points)
Replied 14 September 2011
Aankit Khandelwal
(Aricle Assistant)
(34 Points)
Replied 14 September 2011
Dear all,
how it will get deduction under section 54F.
As per my knowledge there is one condition under section 54F which is as follows:-
if on the date of transfer of the LongTerm Capital Asset, the Asessee should not own more than one Residential House Property, for claiming deduction under section 54F.
ashish gupta
( student)
(1922 Points)
Replied 14 September 2011
I think Section 54 could be applicable as well. When assessee does not use the office for his business or profession then that becomes a residential property as well chargeable under the head house property.
Please correct me if i am wrong.
Aankit Khandelwal
(Aricle Assistant)
(34 Points)
Replied 14 September 2011
yes Mr. Ashish Gupta,
if self occupied property kept vacant than as per sec.23&24. It comes under the head Income from House property.
you are right sir.
CAclubindia
