LTCG - Exemption u/s 54F - assessee has purchased triplex flat - ...

Tribunal Recognizes Triplex Flat as Single Residential Unit, Overturning Tax Exemption Rejection by Assessing Officer.

April 13, 2024

Case Laws Income Tax AT

LTCG - Exemption u/s 54F - assessee has purchased triplex flat - The Assessing Officer rejected the claim, arguing that the purchase did not qualify as a single residential house. However, the Appellate Tribunal overturned this decision, emphasizing the unity of structure and practical usage of the purchased flats. Despite the separate identification by the builder, the Tribunal focused on the internal connectivity and common facilities to deem the triplex flats as a single residential unit.

View Source

← Previous Next →

LTCG - Exemption u/s 54F - assessee has purchased triplex flat - ...

Tribunal Recognizes Triplex Flat as Single Residential Unit, Overturning Tax Exemption Rejection by Assessing Officer.

April 13, 2024

Case Laws Income Tax AT

You may also like:

Assessee purchased four flats constituting single residential unit within stipulated time period u/s 54F. Despite separate identification numbers, flats were merged and...

This is a summary of a legal case involving deduction u/s 54F of the Income Tax Act for investment in residential property. The key points are: The assessee invested...

LTCG - deduction u/s 54F - as pursuant to the JDA, assessee had received multiple residential units and not a single residential unit - The Tribunal observed that prior...

Applicability of Section 64(1) and Section 54F of the Income Tax Act. Section 64(1) allows for the inclusion of a dependent spouse's income in the assessee's taxable...

The High Court held that the phrase 'a residential house' in Section 54F of the Income Tax Act should be interpreted strictly to mean a single residential unit. The...

Rate of tax - Whether different rates of GST can be levied to affordable and non-affordable residential apartments in a single project/ building that is being developed...

Refund of the service tax - construction of individual/independent residential houses - the definition of a “residential complex” leaves no manner of doubt that it would...

Levy of service tax - Residential Complex or not - construction of individual house/villas in residential complex having common areas, common address, common facilities...

Deduction u/s 54 - LTCG invested in buying two residential units - the assessee would only entitle to the benefit of section 54, 1) if the assessee invested the LTCG...

Claim of deduction u/s 54 of the Act - Two flats acquired under different agreements though single kitchen and used as one single unit - exemption allowed - HC

Five independent flats treated as single unit u/s 54F – the built up area got translated into five flats - the transaction was not with regard to the number of flats but...

Disallowance of credit - With regard to the payment of service tax made by Unit No. II, since the said unit is centralized registered, Unit No. II is under obligation to...

The assessee, a company engaged in development/construction and sale of flats and plots, had classified its properties into four categories: flats open for sale, let-out...

Eligibility for deduction u/s 54F - LTCG - the assessee in the instant case had purchased two flats in different locations. One at Warriam Road and the other at Layam...

Exemption u/s 54 - no documentary evidence to substantiate the claim that any amount was invested for purchase of new residential house except a certificate of builder...

Quick Updates: