The High Court examined whether the assessee had constructed a ...

Farm land turned into makeshift sheds: No "residential house" to claim tax deduction.

November 30, 2024

Case Laws Income Tax HC

The High Court examined whether the assessee had constructed a residential house on agricultural land within the stipulated three-year period from the date of transfer of property to claim deduction u/s 54. The court held that the allowance is available if capital gains from the sale of a residential property are utilized for purchasing a residential property or constructing a residential house, implying raising a construction for inhabitation as a residential dwelling unit. The Inspector's report accepted by the ITAT revealed only makeshift guardrooms made of plywood sheets without electricity or water connection on the site. The court opined that putting together plywood sheets cannot be construed as constructing a residential house. The ITAT's findings were not perverse or manifestly erroneous, considering the description of the property. Therefore, no question of law arose for the court's consideration.

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The High Court examined whether the assessee had constructed a ...

Farm land turned into makeshift sheds: No "residential house" to claim tax deduction.

November 30, 2024

Case Laws Income Tax HC

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