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Exemption u/s. 54 in respect of more than one residential flat acquired by assessee under joint development agreement with builder
Case Law Details
- Case Name
- CIT Vs. Smt. K. G. Rukminiamma (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Karnataka High Court
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Karnataka High Court
CIT Vs. Smt. K. G. Rukminiamma
ITA No. 783/2008
Dated: August 27, 2010
JUDGMENT
This appeal is by the revenue challenging the order passed by the Appellate Tribunal as well as the Appellate Authority holding that, in the facts and circumstances of this case, the assessee is entitled to deduction under Section 54 and the capital gains would be nil.
2. Assessment. Rukminiyainma had a property at Basavanagudi. She entered into a joint development agreement with builder M.A. Mohan Kumar on 8.7.2002 to develop the said property. According to the agreement, the assessee is the o...
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Sir,
In my opinion (may be wrong or right) if different separate houses are constructed on a same plot of land, then each house has got its own status of habitable condition fit for dwelling purposes individually. The case law is concerned with different flats constructed on a same piece of plot of land which could not be identified individually with relevance to each separate flat eventhough the undivided share of land could be determined. Hence I think section 54(1) could not be invoked to the querey raised by you. If any wrong idea is exposed, pl bear with me and come out with good ideas. Thanks
DOES THIS ALSO HOLD GOOD IF AN ASSESSEE CONSTUCTS THREE SEPARATE DWELLING UNITS IN ON PLOT OF LAND?