Investigation deposits refunded after failed customs demands fall outside the statutory appellate pre-deposit interest regime and may attract compensa...
Resolution plan finality extinguishes unquantified operational-creditor claims and pending proceedings unless the approved plan expressly preserves th...
Stakeholder-list modification permits liquidators to update entries on new information, subject to notifying the Adjudicating Authority within prescri...
Section 54 relief for construction of a new residential house...
Section 54 construction relief survives pre-transfer commencement when completion occurs within the statutory period, excluding ineligible spouse-owned land.
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Section 54 relief for construction of a new residential house depends materially on completion within the statutory three-year period after transfer of the original asset; construction commencing before that transfer does not by itself prevent relief. Valuation-supported construction expenditure, separately identifiable from land cost, qualifies for deduction where timely completion is established. Land may form part of a new residential house investment only if its acquisition and construction satisfy the prescribed conditions. A plot acquired outside the applicable period and registered in the spouse's name is excluded, and a later settlement in favour of the assessee does not establish entitlement for the relevant year. Relief is therefore confined to eligible construction cost.
Section 54 relief for construction of a new residential house depends materially on completion within the statutory three-year period after transfer of the original asset; construction commencing before that transfer does not by itself prevent relief. Valuation-supported construction expenditure, separately identifiable from land cost, qualifies for deduction where timely completion is established. Land may form part of a new residential house investment only if its acquisition and construction satisfy the prescribed conditions. A plot acquired outside the applicable period and registered in the spouse's name is excluded, and a later settlement in favour of the assessee does not establish entitlement for the relevant year. Relief is therefore confined to eligible construction cost.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4879 
