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Exemption U/s 54F

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(Querist)
16 July 2009 Is exemption U/s 54F allowed if additional floor is constructed on old property ?
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CA.ViVeK M ACA

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CA.ViVeK M ACA (Expert)
16 July 2009 Dear bharat,

pleae be noted that As per the case law of PV Narasimhan(181 ITR 101(SC) "Construction of the first floor in the exsisting buliding should be treated as independent residentail unit entitled for excemption U/s 54 and 54F".

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