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Condition precedent for claiming exemption under section 54 of IT Act: ITAT, Hyderabad
Case Law Details
- Case Name
- ITO Vs Rohini Reddy (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- ITAT Hyderabad
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RELEVANT PARAGRAPHS:
9. We have carefully considered the rival submissions and perused the record. Marginal heading of section 54 of the Act, which is relevant in this context, refers to “profit on sale of property used for residence”. Main section speaks of transfer of a capital asset- being building or lands appurtenant thereto and being a residential house – the income of which is chargeable under the head income from house property. It is not the case of the assessee that the roofed structure built on the Banjara Hills land was either self-occupied or let out...
