Exempion u/s 54 ::

Last updated: 07 September 2007

Court :
HC

Brief :
Held by hon"ble court that tin shed could not be considered as a residential house as it did not have any boundary wall, kitchen etc.Also it didn"t have any electricity or water connectioin. As such assessee was not entitled to exemption on sale of the plot u/s 54.

Citation :
Dr. A. S. Atwal Vs. C.I.T

Exempion u/s 54 Dr. A. S. Atwal Vs. C.I.T 2/10/2005 (2005) 146 Taxman171(Pun.& HR.) Case Fact: Whether sale of a plot on which a tin shed stood which assessee claimed to have been used for residential purposes, would be eligible for exemption u/s 54. Decision: Held by hon"ble court that tin shed could not be considered as a residential house as it did not have any boundary wall, kitchen etc.Also it didn"t have any electricity or water connectioin. As such assessee was not entitled to exemption on sale of the plot u/s 54.