Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (5) TMI 433 - AT - Income TaxExemption u/s.54F - AO found that since the assessee purchased the property by means of two registered sale deed, the property relating to second registered document may not be appurtenant to the building which was purchased through the original registered sale deed - HELD THAT:- The assessee has purchased the entire property within a span of 13 days in the month of February, 2015. An harmonious reading of the agreement for sale of the property and the registered sale deed clearly indicates that the assessee intended to purchase the entire property including the vacant land from the vendor Shri R. Selva Kumar. Two registered sale deeds were executed. There can be various reasons for executing the two sale deeds. One of the reason presumably as rightly submitted by the assessee that the vendor might have insisted for execution of two sale deeds in order to avoid deduction of tax at source. Whatever may be the reason the existing residential building as well as the vacant land adjacent to are appurtenant to each other. This Tribunal is of the considered opinion that the vacant site purchased by the assessee which is adjacent to the residential house is necessary for convenient enjoyment of the building. Therefore for all practical purpose, the vacant site adjacent to the existing building which was purchased by the assessee through the second sale deed also has to be construed as land appurtenant to the residential house. Hence the assessee is eligible for exemption u/s.54 - Appeal filed by the assessee stands allowed.
|