Case Law Details
Case Name : ACIT V/s. Suresh Verma (ITAT Delhi)
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All ITAT ITAT Delhi
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ACIT V/s. Suresh Verma (ITAT Delhi)
Indexation in respect of inherited property
Where the capital asset became the property of the assessee by succession, inheritance or devaluation, the cost of acquisition of asset shall be deemed to be the cost for which the previous owner of the property acquired it, as increased by the cost of any improvement of the assets incurred or borne by the previous owner or the assessee, as the case may be. In the case before us, the assessee became owner of property by inheritance. The said property was acquired by his father in 1965 and was expanded in 1971. Th...
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Dear Sir,
My assessee sold house property for Rs.32 lakhs. She decide to invest all capital gain in new house property whose value upto Rs.60 lakhs. But she will become second owner and her son will become first owner. This is because her son will take loan for new house property of Rs.28 lakhs. The assessee is senior citizen, and also not file return upto date. So bank’s requirement is her son who is taxpayer and also filed IT returns, should be first owner.
So my query is whether my assessee is eligible for exemption u/s 54 if she become second owner of new house property.
please reply at the earliest.
Dear sir,
my client has purchase the residential flat in the year 1990 which is second
purchaser. first purchaser has purchase the flat in the year 1986.
At the time of purchase , they have not registered and paid the stamp duty. Now as per the notification in Maharashtra,
there are no registration and stamp duty payment more than FOUR MONTHS old
agreement.
Please advice how to solve the problem and get the registration of agreement and payment of stamp duty.
My client has to take the education loan for his son.
Bank are asking the Title clear of the documents.
Even , he is ready to make the payment of stamp duty and registration fees as per current value also to get the loan.