Denial of the exemption u/s 54 - Nature of property sold - as ...

Exemption Denied: Section 54 Requires Residential Property, Shops on Residential Plot Not Eligible for Tax Break.

December 8, 2021

Case Laws Income Tax AT

Denial of the exemption u/s 54 - Nature of property sold - as far as shops are concerned, even where they are built on a residential plot of land (land use not being changed in local municipality records), the nature of property for tax purposes cannot by any stretch of imagination be treated as property used for residential houses and are thus commercial in nature. - the property which was sold was clearly not a residential house and thus, the basic condition for claiming exemption u/s 54 has not been satisfied in the instant case. - AT

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Denial of the exemption u/s 54 - Nature of property sold - as ...

Exemption Denied: Section 54 Requires Residential Property, Shops on Residential Plot Not Eligible for Tax Break.

December 8, 2021

Case Laws Income Tax AT

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