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S. 54F Deduction not allowable if assessee owns more than ne residential house on the date of transfer
Case Law Details
- Case Name
- The ITO Vs Ms. Apsara Bhavana Sai (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008- 09
- Courts
- All High Courts, ITAT Hyderabad
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Exemption u/s. 54F has been granted to the assessee with a view to encourage construction of one residential house. The construction/purchase of a house other than one residential house is not covered by section 54F of the Act. The concession provided u/s. 54F w.e.f. 1.4.2001 would not be available in a case where the assessee already owns, on the date of transfer of the original assets, more than one residential house.
Therefore, it is clear that emphasis has been given on owning more than one residential house by any assessee. The assessees, who already owns, on the date of ...
