Deduction u/s 54
This query is : Resolved
05 May 2013
2 residential property, one in the name of HUF and other in the name of karta has been sold and a single new flat has been purchased from the sale consideration of both the above flats. In this case both HUF and karta can claim deduction u/s 54 or not ?
08 May 2013
Can we take deduction in both of them if new flat is purchased both in the name of HUF as well as in the name of karta ?
20 June 2013
Yes it can be taken provided one property has been shown in the Balance Sheet of HUF and the other in the Balance Sheet of Individual. If this is not so then you cannot do if both the properties are appearing in the Balance Sheet of HUF it is not material if it is in the name of Kart but your HUF iw owning two properties.
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
- Transferring CA articleship from old to new scheme of education and training
- GST Refund SB005 Error
- Notice u/s.148- Asstt.Year 2015-2016
- Invoice Numbers WROGLY ENTERED
- TDS on purchase of value vouchers for employees ?
- PAYMENT TO OPEN AI AND ENVATO ELEMENT
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
