54f constructed house
This query is : Resolved
17 August 2015
2 crore cap.gain was invested in buying land of rs.2 crore, conscruction of house is barely rs.10 lacs.
its like a farm house.
can we claim full 2 crore u/s. 54f?
regards, ca kunjan, 9222922292, www.CAnaresah.com
its like a farm house.
can we claim full 2 crore u/s. 54f?
regards, ca kunjan, 9222922292, www.CAnaresah.com
17 August 2015
Invites litigation for such type of tax planning.
17 August 2015
House includes Farm House. Subject to other conditions of 54F, you can claim the deduction
17 August 2015
Amol Ji
The question, as I understood, is whether a small building (a farm house like) surrounded by large extent of vacant land appurtenant qualifies for deduction u/s 54F.
The Madras High court in the case of CIT Vs. M. Kalpagam reported in (1997) 227 ITR 733 has put in certain test criteria to judge such issues. That is why I said it is a vexed question.
The question, as I understood, is whether a small building (a farm house like) surrounded by large extent of vacant land appurtenant qualifies for deduction u/s 54F.
The Madras High court in the case of CIT Vs. M. Kalpagam reported in (1997) 227 ITR 733 has put in certain test criteria to judge such issues. That is why I said it is a vexed question.
Message likes :
1 times
18 August 2015
You are absolutely right B Chackrapani Warrier. The principles laid down for "residential house" vis a vis "dwelling unit" MUST be followed while determining if farm house is residential house.
Message likes :
1 times
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
- Intraday trading on shares
- Causal labour
- GST ISD registration
- TDS on advance amount paid to builder
- Receipts in bank account by way of transfer from various persons via UPI
- TDS u/s 194Q in case of Section 8 company registered u/s 12A and 80G
- 26B Form submission
- 26QB last installment Query
- Input tax credit on officw kitchen furniture fixed to wall and drawers
- Appeal before the ITAT
- Reimbursement to employees for cab, fuel and internet
- Multiple GST Registration-Asset
- TDS 24Q Q4 return
- ITR NOT PROCESED YET
- GST invoice shown by vendor under wrong GSTN
- GST Practitioner Details
- Regarding TCS
- Regarding New GST Registration
- As per schedule III of company act
- If registered as GSTP should apply for new GST for trading
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
