Benefit u/s 54
This query is : Resolved
21 August 2011
Hi,
My client owns a land which is leased to him by State Govt. for 99 years. His wife owend a property which she sold this year and is using the proceeds to construct the house on clients land. can she claim tax benefit u/s 54? No where in the act they have mentioned that to construct the house they have to own the land either. Would they have to complete any formalities to claim this tax benefit?
Thanks
Hemali
My client owns a land which is leased to him by State Govt. for 99 years. His wife owend a property which she sold this year and is using the proceeds to construct the house on clients land. can she claim tax benefit u/s 54? No where in the act they have mentioned that to construct the house they have to own the land either. Would they have to complete any formalities to claim this tax benefit?
Thanks
Hemali
21 August 2011
Yes, you can do it without any problem.
21 August 2011
Hi Ashwani,
Thanks for the reply! Do I need to ensure any documentation so that I do not have any problems in the future for eg like an agreement or something?
Thanks again!
Thanks for the reply! Do I need to ensure any documentation so that I do not have any problems in the future for eg like an agreement or something?
Thanks again!
21 August 2011
No major documentation is needed.
If you want then give a license to the wife that i am allowing you to construct on my land.
If you want then give a license to the wife that i am allowing you to construct on my land.
Message likes :
1 times
21 August 2011
Great, thanks again!
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on capital gains revoked us 54f
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Inventory of finished goods
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Applicability of Ind As to associate of associate
- Filing of Form 10BB instead of Filing Form 10B
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- HSN Details in IFF/GSTR-1 & in GSTR 9
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
