No denial of exemption u/s 54F merely because sale deed not registered or construction of house not completed within statutory period

0 comments Friday, March 2, 2012
High court of Karnataka in a very important following case has held that Condition precedent for claiming benefit under section 54F is that capital gains realized from sale of capital asset has been parted with by assessee and invested either in purchasing a residential house or in constructing a residential house.

If after making entire payment, merely because a registered sale deed has not been executed and registered in favour of assessee before period stipulated, assessee cannot be denied benefit under section 54F.

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Income from towers/antennas on roof, or from display of signage/parking space rent not income from house property but from other sources

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Delhi ITAT has held in the following case that Income from installation of towers/antennas on roof top/from display of signage/parking space rent is not income from house property but income from other sources.

In this case the assessee claimed income from parking rent, terrace rent, signage rent and licence fee as income under the head house property and consequently claimed deduction u/s 24(1). The AO took the view that such incomes are income from Business and not from house property. However the CIT(A) considered such incomes as income from other sources. On appeal to Tribunal the order of CIT(A) is upheld.
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