20 June 2011
Hi, Kindly consider my query on 16th December,2010 relating to deduction u/s 54 from more than one house. Some experts opined that deduction u/s54 can be claimed for buying even more than one house. However, there is one recent case law from Punjab & Haryana HC, stating that above deduction cannot be claimed on more than one house. Experts are requested to put some light on this. Can somebody provide me the case law in full? I saw the same at (2011) 11 taxmann.com 312 (Punj & Har)
21 June 2011
ACTUALLY RECENT MUMBAI ITAT JUDGMENT ALLOWED DED IN RESPECT OF TWO OR MORE HOUSES IN THE CASE OF RAJESH KESHAV PILLAI HAS OPINED SO ON THE FACTS OF THE CASE IN THAT CASE ASSEESSEE SOLD MORE THAN ONE HOUSE AND PURCHASED MORE THAT ONE HOSUE ON SUCH FACTS THE DED WAS HELD ALLOWABLE EVEN IN THAT CASE THE ITAT HELD THAT IF THERE IS SALE OF ONE HOUSE AND GAIN IS INVESTED IN TWO HOUSES THEN NO EXEMPTION UNDER SECTION 54 WILL BE ALLOWED SAME IS THE CASE IN PAWAN ARYA CA MANOJ GUPTA' JODHPUR 09828510543
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