Exemption u/s. 54
This query is : Resolved
25 December 2010
Dear Expert
Facts:
1) Individual Sells TWO connected flats with common wall.Say LTCG is Rs. X and Rs. Y for each properties
2) Re-investment of Rs. X+Y in ONE new Residential property with in stipulated time.
Is claim of exemption u/s. 54 valid?
Regards
Juzer
Facts:
1) Individual Sells TWO connected flats with common wall.Say LTCG is Rs. X and Rs. Y for each properties
2) Re-investment of Rs. X+Y in ONE new Residential property with in stipulated time.
Is claim of exemption u/s. 54 valid?
Regards
Juzer
25 December 2010
Yes
25 December 2010
If the two flats are used as one single residential house, exemption u/s 54 is possible if reinvested in sigle residential property by virtue of a corollary to the Bangalore bench of the tribunal's decision in Dr. Anand Basappa Vs. ITO (2004) 91 ITD 53.
25 December 2010
Yes its valid.
25 December 2010
Dear Chakrapani Sir
If flats are connected with common wall, can 1 say it is used as 1 house property.
What I am trying to understand is how one can say that it was used as one residential property?
In case the two flats are rented to single tenant, is it enough?
Request you expert advice on this.
Best Regards
Juzer
If flats are connected with common wall, can 1 say it is used as 1 house property.
What I am trying to understand is how one can say that it was used as one residential property?
In case the two flats are rented to single tenant, is it enough?
Request you expert advice on this.
Best Regards
Juzer
26 December 2010
It is a question of fact meaning thereby the assessee has to prove before a court of law with convincing documetary evidence that the situation warrented to break the wall so as to make it one house for the assessee's habitual use. As per my understanding, rent agreement will not suffice.
26 December 2010
Dear Chakrapani Sir
Thank you
Juzer
Thank you
Juzer
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