{"id":2864,"date":"2023-05-03T06:43:10","date_gmt":"2023-05-03T06:43:10","guid":{"rendered":"https:\/\/akashsaxenaco.com\/?p=2864"},"modified":"2023-05-03T06:47:23","modified_gmt":"2023-05-03T06:47:23","slug":"condition-under-section-54f-for-not-owning-more-than-2-residential-houses-applies-only-in-respect-of-properties-in-india","status":"publish","type":"post","link":"https:\/\/akashsaxenaco.com\/index.php\/2023\/05\/03\/condition-under-section-54f-for-not-owning-more-than-2-residential-houses-applies-only-in-respect-of-properties-in-india\/","title":{"rendered":"Condition under section 54F for not owning more than 2 Residential houses applies only in respect of Properties in India."},"content":{"rendered":"\n

Smt. Maries Joesph vs. DCIT [2023] 148 taxmann.com97(Cochin – Tribunal.)<\/strong><\/p>\n\n\n\n

RELEVANT FACTS<\/strong> <\/p>\n\n\n\n

The assessee, a non-resident, sold land in India which was jointly owned by her with her husband , and invested sale proceeds in a residential house property situated in India and claimed exemption under section 54F. As the assessee already owned jointly 2 residential properties in USA at the time of sale, the AO denied the exemption under section 54F. This was upheld by CIT Appeal.<\/p>\n\n\n\n

HELD<\/strong><\/p>\n\n\n\n

The Tribunal held that a proviso to a section ought to be construed harmoniously with the section itself. Where section 54F provides for investment to me made in the purchase or construction of one residential house property in India, the proviso to section 54F(1) which provides that the assessee should not be owning more than ‘one residential house property’ in India’. It thus follows that the existing ownership of 2 residential house properties in USA could not be held as the basis on which an exemption could be denied to the assessee especially when all other conditions stipulated in the section had been duly complied with. <\/p>\n","protected":false},"excerpt":{"rendered":"

Smt. Maries Joesph vs. DCIT [2023] 148 taxmann.com97(Cochin – Tribunal.) RELEVANT FACTS The assessee, a non-resident, sold land in India which was jointly owned by her with her husband , and invested sale proceeds in a residential house property situated in India and claimed exemption under section 54F. As the assessee already owned jointly 2 …<\/p>\n

Condition under section 54F for not owning more than 2 Residential houses applies only in respect of Properties in India.<\/span> Read More »<\/a><\/p>\n","protected":false},"author":2,"featured_media":2741,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2864","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nCondition under section 54F for not owning more than 2 Residential houses applies only in respect of Properties in India. - Akash Saxena & Co<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Condition under section 54F for not owning more than 2 Residential houses applies only in respect of Properties in India. - Akash Saxena & Co\" \/>\n<meta property=\"og:description\" content=\"Smt. Maries Joesph vs. DCIT [2023] 148 taxmann.com97(Cochin – Tribunal.) RELEVANT FACTS The assessee, a non-resident, sold land in India which was jointly owned by her with her husband , and invested sale proceeds in a residential house property situated in India and claimed exemption under section 54F. As the assessee already owned jointly 2 … Condition under section 54F for not owning more than 2 Residential houses applies only in respect of Properties in India. 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