Exemption Sec. 54 F

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CA Chinu Agrawal (Querist)
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28 January 2011 to avail exemption u/s 54F assessee should not be owner of more than one residential house property.

Question is ,what if assessee is having joint ownership in 2 properties , in both properties he is the first owner ,what if if he is second owner in one house property

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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28 January 2011 "Own" in s. 54F would include only the case where a residential house is fully and wholly owned by assessee and
consequently would not include a residential house owned by more than one person. So ,in the given case,assessee is entitled to avail the benefit of section 54F.

Citation :-INCOME TAX OFFICER vs. RASIKLAL N. SATRA (2006) 98 ITD 335 (Mumbai).

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Guest

Guest (Expert)

29 January 2011 Agree with Mr. Warrier's perfect opinion

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