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Sec. 54 Cost of residential house includes cost of furniture if it forms part of house Purchase
Case Law Details
- Case Name
- Rajat B Mehta Vs. ITO (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All ITAT, ITAT Ahmedabad
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Rajat B Mehta Vs. ITO (ITAT Ahmedabad)
Quite clearly, for the detailed reasons set out earlier in this order, the two separate agreements for sale of house property and the furniture and fixtures cannot be considered in isolation of each other on standalone basis, and have to considered essentially as a composite contract- particularly in the light of the undisputed contents of the agreement to sell dated 19th January 2011. Given these facts, the cost of the new asset has to be treated as Rs 78,00,000. The cost of the residential house is Rs 78,00,000 as the assessee did not ...
Can a seller in a similar situation consider the total sale consideration (including fixtures) of Rs.7800000/- as the total sale consideration for CG calculation and pay CG tax, if he/she wants? Or is this calculation only for the buyer to avail sec 54 benefit?