Deduction u/s. 54F - purchase of land with old structure that is ...

Land Purchase with Old Structure Does Not Qualify for Section 54F Tax Exemption Without Residential Construction Initiation.

November 11, 2022

Case Laws Income Tax AT

Deduction u/s. 54F - purchase of land with old structure that is to be demolished - What has been in effect and substance purchased in the instant case, as also evidenced by the sale deed, is only a plot of land for construction of a residential house thereon. Rather, but for the demolition having been completed by the date of inspection, no stamp duty would have been paid on the structure part. No case for construction of a residential house has been preferred or pressed at any stage, including before us. The assessee is, accordingly, not entitled to any exemption u/s. 54F on the purchase of plot. - AT

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Deduction u/s. 54F - purchase of land with old structure that is ...

Land Purchase with Old Structure Does Not Qualify for Section 54F Tax Exemption Without Residential Construction Initiation.

November 11, 2022

Case Laws Income Tax AT

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