Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (6) TMI 811 - AT - Income TaxClaim of exemption u/s 54 – Nature of Property sold is housing property or agricultural land - Held that:- The reasons for not treating the property as residential is, the built up area viz-a-viz total land and description of land given in purchase deed - The property is situated within the municipal limits of Sholinganallur, door number has been allotted to the property by Municipal Authorities - once a door number is allotted to the premises, this itself makes it clear that it is not an agricultural property - the property (Long Term Capital Asset) transferred by the assessee is a residential building with land appurtenant there to - The assessee has satisfied all the conditions laid down in section 54 - the assessee is eligible for claiming exemption u/s 54 of the Act – Decided in favour of Assessee.
|