02 November 2010
I sold a long term capital asset & invested in residential house. On the date of investment i was owning 9 house properties. These properties are being used for commercial purpose (Service Apartment). Will i be eligible for exemption ?
Income other nine houses shuld not be chargible under the head of "INcome from House Property"
It may be possible only in case of Composite Rent: Where the owner charge a composite rent and it is not possible to ascertain seprately the rent income and income of other assets.
02 November 2010
All the 9 properties have been given on rent, then it non complies one of the condition u/s 54F.
The condition referred is as under: the income from such residential house, other than the one residential house owned on the date of transfer of the original asset, is chargeable under the head “Income from house property”