Exmptn u/s 54 if modification is made on purchased property
This query is : Resolved
23 July 2015
Hi,
My client has sold a residential house. He has invested the proceeds in purchasing a residential property. He did some modification and addition to this property.Can this modification be claimed u/s 54?
My client has sold a residential house. He has invested the proceeds in purchasing a residential property. He did some modification and addition to this property.Can this modification be claimed u/s 54?
23 July 2015
Yes, but the modification has to claimed by reducing/indexing the same as cost of improvement.
Section 54 is only for deduction of net capital gain.
Section 54 is only for deduction of net capital gain.
24 July 2015
Expenses incurred to make the house property habitable can be claimed u/s.54.
Citation:- Nirupama K Shah Vs. ITO (2013) 52(II) ITCL 63(Mum-Tri).
Ps:- Though delivered u/s 54F , same analogy can be relied for section 54 also.
Expenses incurred to make the house property habitable can be claimed u/s.54.
Citation:- Nirupama K Shah Vs. ITO (2013) 52(II) ITCL 63(Mum-Tri).
Ps:- Though delivered u/s 54F , same analogy can be relied for section 54 also.
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