This is premium content. Please become a Premium member. If you are already a member, login here to access the full content.
Section 54F exemption allowable on Sale of Under-Construction Property as same is not residential property
Case Law Details
- Case Name
- CIT Vs Kalpana Hansraj (Bombay High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All High Courts, Bombay High Court
Upgrade to Basic or Premium to download.
Already Upgraded? Log in.
Advertisement
CIT Vs Kalpana Hansraj (Bombay High Court)
Perusal of sub-section (1) of Section 54 of the Act would show that the exemption would be available to an assesse being an individual or Hindu Undivided Family where the capital gain arises from the transfer of a long-term capital asset, not being a residential house provided the remaining conditions of the said provisions are satisfied.
The provisions of section 54F are beneficial provisions enacted for the purpose of promoting the construction/purchase of residential houses. The property in question sold by the assessee could not...
