Taxability of Real Estate transactions
Taxability of Real Estate transactions
Taxability of Real Estate transactions
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Benefit u/s 54/ 54F<br />
• Benefit only for new construction or for<br />
remodeling & renovation also covered<br />
• Benefit not restricted to new construction<br />
alone<br />
CIT v. ar Mathavan pillai (1996) 219 ITR 696 (Ker(<br />
Ker)<br />
CIT v. Narsimhan PV (1990) 181 ITR 101(Mad)<br />
• Mere extension <strong>of</strong> old existing house would<br />
not mean construction. The construction<br />
must be real one and not a symbolic<br />
construction.<br />
CIT v. Pradeep Kumar (2006) 153 Taxman 138<br />
(Madras)