C.Balaji (Learner) (1867 Points)
04 February 2010Dear Friends..
Mr.A sold a plot of land on 10.3.2009 and pur. a Res. house under sale deed dt. 1.7.2009.. when A purchased that Res. house it consisted only Ground Floor....subsequently I floor was put up thereon by vendor....A purchased I floor under second sale deed dt.15.7.2009.
Mr.A claimed exemption u/s 54F treating both the Ground floor and I floor as a single Res. House.....will the claim be allowed????GF and first Floor purchased under two separate sale deeds with same municipal no...
Amir
(Learner)
(4016 Points)
Replied 04 February 2010
Dear Balaji,
When A had purchased the property on 01.07.2009, then how can seller of the house construct another floor over a building that belongs to Mr. A..
Max Payne
(employed)
(2574 Points)
Replied 04 February 2010
He he Balaji, u seem to have stumbled on a box of case laws on capital gains....
pls forward to us yaar... why keep the suspense.... :)
C.Balaji
(Learner)
(1867 Points)
Replied 04 February 2010
Mr.G.K.
You r right.... not many....
In this case what is your opinion????
Max Payne
(employed)
(2574 Points)
Replied 04 February 2010
I am gonna take the stance that as long as its a residential house, the assessee can claim the exemption, if the investment was made within the time prescribed.... there is a case law that the assessee can purchase a house under construction..... so now u give your answer yaar...
tapesh Kumar
(ARTICLE)
(46 Points)
Replied 04 February 2010
Dear Mr. Balaji,
Capital Gain shall be exempted in case of only one property.
This will depend upon the assessee which he wants to claim.
C.Balaji
(Learner)
(1867 Points)
Replied 05 February 2010
Mr.G.K.,
Please see this case...
Smt. Hansa Bai Sanghi V. ITO [2004] 89 ITD 239 (HYD.)
Whether - I floor constituted only an extension of Ground Floor and it was not another Res. house - Held Yes
Whether - Second sale deed also conferred a complete and perfect title, but that was only inrespect of an extension of GF and not to a separate Res. House - Held Yes
Whether therefore GF and I floor constituted One Res.House - Held Yes
therefore exemption u/s 54F allowed...
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