Case Law Details
Case Name : CIT Vs Devdas Naik (Bombay High Court)
Related Assessment Year :
Courts :
All High Courts Bombay High Court
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Assessee alongwith his wife jointly owned bungalow. The bungalow was sold at Rs.3/ crores. With this sum, they bought three flats, one in the Assessee’s name, another in the name of Assessee and his wife and third in the name of the wife. The Assessee claimed deduction under section 54 on purchase of two flats in which he is either a sole owner or a joint owner. Though these flats were acquired under two distinct agreements and from different sellers, what has been noted by the Tribunal as also the Commissioner of Income Tax (Appeals) is that the map of the general layout plan as well ...
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After the recent amendment publishing of this article should have been with the last para at the beginning of the article.
Where the large familes are involved and after selling their property members buy units (flats) where all members are accmodated then the flats has to be taken as residential unit because in this case the definition of residential unit is expanded according to the need of members of the family who were otherwise forced to sell their old house because with the passage of time the old house was not big enough to accommodate all the increasing number of members in the family.Therefore, the definition of “RESIDENTIAL UNIT” may be taken first for the consideration in such cases by the Government which is committed to bring the good days for the people of India. JAI HIND