TaxTMI 
TaxTMI 
Capital Gain Exemption - Fractional Ownership
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....apital Gain Exemption - Fractional Ownership<br> Query (Issue) Started By: - Ethirajan Parthasarathy Dated:- 14-2-2024 Income Tax<br>Income Tax<br>There are few judgments Eg:- CIT v/s Narendra N Chaha....
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....n 2001 (10) TMI 14 - GUJARAT HIGH COURT wherein it was held that the assessee is eligible for capital gain exemption u/s 54/54F even if he acquires fraction of residential property. I would like to kn....
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....ow the views of expert whether such judgment still hold good even after amendment by the Finance Act 2014 substituting the words "a" residential house with "one" residential house. There is a conditi....
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....on for claiming exemption provided u/s 54F that the assess should not own more than one residential house on the date of transfer of non-residential property. While dealing with the disputes for exemp....
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....tion claim under this section courts have held that the person owns 100% share in one residential property & fractional share in another residential property at the time of sell of non-residential pro....
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....perty. The exemption cannot be denied for the reason fraction cannot be considered as "one" (Zainul Abedin Ghaswala Versus CIT(A) 2023 (6) TMI 663 - ITAT MUMBAI) Experts may also give their opinion w....
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....hether there can be two different interpretations for fractional ownership, one for section 54 & one for 54F<br> Discussion Forum - Knowledge Sharing ....