Does residential property inculdes skeleton(a house which does not have doors and floor, it just has some walls and insignificant structure)?
Pawan Mittal (CA Final) (702 Points)
14 July 2012Does residential property inculdes skeleton(a house which does not have doors and floor, it just has some walls and insignificant structure)?
Vikram Bhatia
(CA Final)
(122 Points)
Replied 14 July 2012
The structure of a residential property is nowhere defned in the act.
So whether the house has any doors or not, it does'nt matter therefore furnishing is not compulsory.
House property means area covered with walls and having ceiling.
Residential property means where you can reside e.g. under construction house canot be treated as a residential property.
Now you can understand what type of property you have.
Giridhar S Karandikar
(Team Lead)
(7543 Points)
Replied 18 July 2012
You wont pay the builder the whole amount unless & until he completes & give you the flat after which hw would hand over the completion certificate to you. So till that time the flat would be considered as under construction flat & exemption u/s 54 cant be claimed.
CAclubindia
