Long term capital gains - sections 54f and 54
This query is : Resolved
15 January 2012
There is no definition of "Residential House" in the Act.
Kindly let me know if there is any case law which defines the minimum construction for a building to be deemed to be a "Residential House" for Section 54F and for section 54
Thank you
R Chadha
Kindly let me know if there is any case law which defines the minimum construction for a building to be deemed to be a "Residential House" for Section 54F and for section 54
Thank you
R Chadha
15 January 2012
Any human-made structure used or intended for supporting or sheltering any use or continuous occupancy for residential or dwelling purpose can be said as a residential house.
.
If on a piece of land one room is constructed and it is used for residential purpose, it is covered by the definition of Residential House.
We have to consider its income under IFHP.
.
A residential house may be of any regular geometric or irregular shape. The essence is the purpose for which it is normally being used. No prescribed minimum area has been prescribed. In general terms a hut is also a residential house like a palace.
.
Section 54 and 54F do not prescribe any rigid definition.
.
.
If on a piece of land one room is constructed and it is used for residential purpose, it is covered by the definition of Residential House.
We have to consider its income under IFHP.
.
A residential house may be of any regular geometric or irregular shape. The essence is the purpose for which it is normally being used. No prescribed minimum area has been prescribed. In general terms a hut is also a residential house like a palace.
.
Section 54 and 54F do not prescribe any rigid definition.
.
Message likes :
1 times
15 January 2012
If you know of any case law, please advise.
Thank you
Thank you
15 January 2012
Please refer these two caselaw for better clarification on Sec-54F and Residential House as contemplated in the section.
1. 2004 91 ITD 53 Bang, (2005) 92 TTJ Bang 597
2. [2007] 107 ITD 327 (MUM.)(SB)
1. 2004 91 ITD 53 Bang, (2005) 92 TTJ Bang 597
2. [2007] 107 ITD 327 (MUM.)(SB)
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
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Disallowance of Section 43B(h) to sez units
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Sale of property furniture sale
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Redevolpment of bldg in mumbai
- Refund of AY 22-23
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
