Exemption u/s54
This query is : Resolved
11 January 2010
I have a LTCG this year. For this I want to claim exemption u/s 54. Will the expenditure incurred by me in constructing 2 new rooms in my existing house, be eligible for exemption in sec.54?
Further I have also incurred expenditure in getting my house freehold during this year.
Will that be eligible also????
Further I have also incurred expenditure in getting my house freehold during this year.
Will that be eligible also????
11 January 2010
Contruction of new rooms will be eligible.
11 January 2010
Thnx!!!!!!!
11 January 2010
Madras High Court in Commissioner of Income Tax. vs P. V. Narasimhan. 181 ITR 101, held that the exemption for investment of sales proceeds in construction of a new house on floor of existing residential house is eligible investment for section 54 of the I T Act,1961 .
The above case law may help you.
The above case law may help you.
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- TDS U/S. 194NF
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Donation Receipt u/s 80G
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
Trending Online Classes
CAclubindia
