. . If Stamp Duty Value S. 50C Is Invested In New House Is S. 54F Exemption Available? – Tax Questions and Answers

If Stamp Duty Value S. 50C Is Invested In New House Is S. 54F Exemption Available?


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3 responses to “If Stamp Duty Value S. 50C Is Invested In New House Is S. 54F Exemption Available?”

  1. Narayanan Mahalingam Avatar
    Narayanan Mahalingam

    The above case by Karnataka High Court gives exemption u/s 54F for the full investment value made in a house property where investment in House includes funds from other sources over and above the stated consideration . But it doesnt exempt the full capital gains computed u/s 50C in this case. But there are cases decided by other ITAT Benches where it is held that where the stated consideration is fully invested in a new house, then full capital gains should be exempted u/s 54F as 50C cannot bind 54F. Can anyone enlighten the current status of the above decisions , whether further appeal made by Department in High Courts, their Status, or any decision on similar issues u/s 50C in favour of assessee.
    Wud be thankful for yr valued opinion on this.
    Regards
    M Narayanan

  2. Narayanan Mahalingam Avatar
    Narayanan Mahalingam

    The above case by Karnataka High Court gives exemption u/s 54F for the full investment value made in a house property where investment in House includes funds from other sources over and above the actual consideration received. But it doesnt exempt the full capital gains computed u/s 50C based on the Guideline value in this case. But there are cases decided by other ITAT Benches where it is held that where the actual consideration received is fully invested in a new house ( not the full guideline value adopted), then full capital gains should be exempted u/s 54F as 50C cannot bind 54F. Can anyone enlighten the current status of the above decisions , whether further appeal made by Department in High Courts, their Status, or any decision on similar issues u/s 50C in favour of assessee.
    Wud be thankful for yr valued opinion on this.
    Regards
    M Narayanan

  3. CA NARENDRA SEKSARIA Avatar
    CA NARENDRA SEKSARIA

    GOOGLE

    READ

    MADHUKAR KHARE PUNE ITAT-2013 AND

    NILA SHAH-ITAT MUM 2012

    M NATRAJ-ITAT CHHENNAI-2013

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