Case Law Details
Case Name : Dy. Commissioner of Income Tax-5(2)(2) Vs. Shri Dawood Abdulhussain (ITAT Mumbai)
Related Assessment Year : 2011-12
Courts :
All ITAT ITAT Mumbai
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DCIT Vs. Shri Dawood Abdulhussain (ITAT Mumbai)
Word “own” in s. 54F would include only the case where a residential house is fully and wholly owned by assessee and consequently would not include a residential house owned by more than one person.
Claim of the assessee that he was not the absolute owner of the aforesaid properties, i.e. Tara Manzil and Noor Manzil, but was only a co-owner having fractional ownership in the said respective properties, therefore, the precondition of being the owner of more than one residential house, other than the new asset, on the date of transfer o...
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Kya gst aane K baat VAT Hut gya hai
It appears that Hon ITAT has taken a very narrow view of ownership of a house property.When a joint owner of a house is entitled to claim deduction of house loan interest as if he/she is the absolute owner, it will be interesting to see what will be judgement of higher appellate authority i.e. high court or supreme court if the order is conteted
GREAT UPDATE BUT THE HEADING SAY – “Section 54/54F: Jointly owned house will not be considered in house property calculation” BUT IT IS ACTUALLY ON – “Section 54F: Jointly owned house will not be considered FOR DISALLOWANCE OF EXEMPTION U/S 54F WHILE CALCULATING CAPITAL GAINS”