#Section 54F
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812 articlesIncome Tax
Income Tax
Transaction once accepted as genuine in assessment can’t be raised in reassessment proceedings
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S. 54F Exemption can be claimed for residential house purchased outside India
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S. 54F Value of entire land appurtenant to building purchased cannot be considered for exemption
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Delhi HC Allows Section 54/54F Relief for Multiple Flats in One Building
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Exemption U/s. 54F not allowable on amount invested in construction before transfer of original asset
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S. 54 Amount not utilized in construction of residential house within 3 years is taxable in the year in which period of 3 years expires
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Deduction u/s 54F available on portion of investment made in wife’s name
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S. 54F do not differentiate between House in good or bad condition
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Assessee can claim exemption under both Sec. 54 & 54F for investment in same house
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S. 54F – If two flats were joined together before assessee became owner, the same will be considered as one
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S. 54F benefit available even on Value exceeding actual consideration due to deemed fiction U/s. 50C
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Deduction U/s. 54F to be disallowed on failure to complete construction within 3 years
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Deduction U/s. 54/54F dallowable for purchase of multiple independent house units
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