Section 54
This query is : Resolved
26 February 2015
Hi all
Can anyone please help in the following matter?
Section 54F states: The assessee shall not Own morethan One Residential House on Date of Transfer of Original asset(Apart from the New One being purchased for claiming exemption under this section)
What does the word "own" mean as envisaged in section 54 for claiming exemption?
Does it mean having possession of the property or does it also mean that even if allotment letter is received from builder, it would amount to owning the property?
Can anyone please help in the following matter?
Section 54F states: The assessee shall not Own morethan One Residential House on Date of Transfer of Original asset(Apart from the New One being purchased for claiming exemption under this section)
What does the word "own" mean as envisaged in section 54 for claiming exemption?
Does it mean having possession of the property or does it also mean that even if allotment letter is received from builder, it would amount to owning the property?
26 February 2015
it means he is not the real or beneficial owner on date of transfer.
yes allotment letter if received from builder shall be included in "own" definition.
yes allotment letter if received from builder shall be included in "own" definition.
Message likes :
1 times
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
- Gst registration in the state of maharashtra
- RCM is applicable or not (labour Charges , loading and uloading charges)
- Causal labour
- Service Provider GST
- GST ISD registration
- 26QB last installment Query
- TDS on advance amount paid to builder
- TDS on amenities like electriity / transformer
- TDS u/s 194Q in case of Section 8 company registered u/s 12A and 80G
- 26B Form submission
- Appeal form 35 issues
- GST on written off amount credited to profit & loss account
- MSME REPORTING IN 3CB-CD
- GST REGIST FOR EXPORT OF SERVICE (ACCOUNTING)TO FOREIGN CLIENTS IF TURNOVER LESS THAN 20 LAC
- SECTION 50AA SHORT TERM CAPITAL GAIN IN CASE OF MLD
- REGARDING NEW GST REGISTRATION
- GSTR 3B and GST Challan payment
- How to surrender Duty Drawback
- ITC Reversal & re-claim statement [FY 2023-24]
- How to generate e invoice for a software company having LUT Bond
Trending Online Classes
-
GST LIVE Certification Course - 42nd Weekend Batch(With Govt Certificate)
Industry Expert17 May 2025
CAclubindia
