catchwords: residential house
Whether Benefit Of Section 54F Is Available Of HUF Invest In The Name Of Co-parcener?
According to me no benefit would be available to the HUF if it invests in the name of coparcener. Under section 2 (31) read with section 4 the HUF as well as coparcener are separate assessable entities. This view is supported by the decision of Income Tax Appellate Tribunal, Nagpur Bench in ITO vs. Prakash Timaji Dhangode [258 ITR (AT) 114], where the Tribunal has held as under:
Whether Benefit Would Be Available U/s. 54F On Stamp Duty Valuation?
Is Land Owner Entitle For Benefit Of Section 54F For Giving Development Right To Developers?
From the fact it is clear that land owner would retain the land and developer would allot five flats as consideration for transfer of development right to developer. As per DCIT v. G. Raghuram [46 ITR 136 (Hyd.)], the cost
Whether Benefit Of Section 54F Is Available If A Property Other Than Residential Property Was Sold?
As I understand from the query, that the assessee has received a residential house property under will during the financial year 2000-01, which was purchased by the previous owner in 1975. Now dismantling the said property, the assessee has sold the said property in the financial year 2009-10. I presume that the previous owner was
Whether Benefit of Section 54F Is Available If Purchased In Joint Names?
In CIT v. Ravinder Kumar Arora [342 ITR 38 (Del.)], the facts were, the assessee claimed exemption of capital gain to the extent of Rs. 3,18,59,276/- under section 54F of the Act on account of purchase of a new house property, out of the total gain arising from sale of land. The AO rejected the claim because the house had been purchased in the joint names of
Whether Benefit Of Section 54F Is Available If Invested In One Residential House By Selling Two Properties?
Yes. The main purpose of section 54 of the Income tax Act, 1961 is to give relief in respect of profits on the sale of a residential house. Section 54F of the Act, provides that where any capital gains arises from the transfer of any long term capital asset, other than residential house and the assessee purchases within one year before or after the date on which
Can Legal Heir Claim Exemption From Capital Gains For New House U/s 54?
Thus, it is clear from the above judgments that legal heir steps in the shoes of deceased and entitled for deduction under section 54 of the Act.
If Stamp Duty Value S. 50C Is Invested In New House Is S. 54F Exemption Available?
where capital gain is assessed on notional basis under section 50C, whatever amount is invested in new residential house within prescribed period under section 54F would get benefit of deduction irrespective of the fact that funds from other sources are utilised for new residential house
I borrowed funds to buy a new house u/s 54. Will the s. 54 exemption be denied to me?
No! The only requirement for availing deduction u/s 54 is that the new residential house must be purchased or constructed within the period specified in the section. The source of funds is irrelevant.