The assessee-company, purchased a plot of land to provide residential facilities to its staff members and to the staff members of a Tata company. However, it sold few of the plots . For a subsequent assessment year, the assessee claimed that it had suffered a loss because several other selling agents were appointed by the [...]
BOMBAY HC: Is Solitary Transaction of Purchase of Land Business Activity?
August 31, 2012 by Leave a Comment
Is Solitary Transaction of Purchase of Land Business Activity?
August 31, 2012 by Leave a Comment
The assessee-company, purchased a plot of land to provide residential facilities to its staff members and to the staff members of a Tata company. However, it sold few of the plots . For a subsequent assessment year, the assessee claimed that it had suffered a loss because several other selling agents were appointed by the [...]
Can you get deduction of interest & principal on loan borrowed for buying land ?
August 7, 2010 by
In my earlier posting , confusion regarding claim of interests on loan borrowed for buying land was explained. One can read Is Ineterest on Loan for Buying Plot /Land Allowed Dedcution ? . Similar question has been asked by Vijay Kumar Babu residing in Visakhapatnam who asks " I have decided to buy a plot of land through home loan from PNB or HDFC Home Loan. its costs Rs.5 Lakhs. For your information at present I'm residing in my own residence.Now my query are
Can capital gains exemption u/s 54F or 54 be claimed for buying land also?
May 15, 2010 by
Yes, one can claim exemption from capital gains u/s 54 or 54F for land purchase , but only if the said land is part of land on which house is being constructed. This is the decision in ACIT vs Narendra Mohan Uniyal (2009) 34 SOT 152(Del), dt.31.08.2009. Facts of the case The assessee sold a...
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