Case Law Details
High Court has observed as follows:-
(i) We therefore have no hesitation in holding that in the instant case the assessee having got 15 flats along with his two sons will not disentitle him from getting the benefit under Section 54-F of the IT Act only on the ground that all the 15 flats are not in the same Block, particularly in the light of the admitted factual position that all the 15 flats are located at the same address namely, ‘Rain Forest’ No.57, New No.36, Taylor’s Road, Rem Street, Kilpauk, Chennai 600 010.
(ii) As a sequitur, we are unable to persuade ourselves that the 15 flats, even if they are located in different blocks would not disentitle the assessee from getting the benefit of Section 54-F of IT Act.
(iii) We have no hesitation in holding that the order of ITAT which has been called in question before us is correct, there is no infirmity in the said order, does not call for any interference and we are of the view that the said order deserves to be confirmed.
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Today if sell my plot for 2 crores and buy 4 flats for a total cost of 2 crores in same building but different floors, can I get full exemption of capital gains under section 54F. The judgement says multiple flats in same address can be treated as a single property.
It will be the date of official handover of the possession.
Sir, whether the date of “transfer” is the date of builder’s agreement or the date of officially handing over of the finished apartments by the builder?
The law is now amended as” one” residential house instead of “a” residential house. Therefore the judgement is not eff”ective any more.
In this judgement at many places they have mentioned that “A residential house does not mean one residential house. This is the situation of earlier law as the present case was pertaining to earlier period that is before the amendment so old law is applicable.
My query is after the amendment U/s 54 and 54F that is “A residential house” replaced with “One residential house” will this court judgement relevant?
Mr. Sunil It is Madras High court judgement not supreme court’s judgement
Excellent decision by supreme court.