CIT vs. V. R. Karpagam (Madras High Court)

DATE: August 18, 2014 (Date of pronouncement)
DATE: October 6, 2014 (Date of publication)
FILE: Click here to download the file in pdf format
S. 54F amendment by Finance (No.2) Act, 2014 is prospective & w.e.f. 01.04.2015

The above-said amendment to Section 54F of the Income Tax Act, which will come into effect only from 01.04.2015, makes it very clear that the benefit of Section 54F of the Income Tax Act will be applicable to constructed, one residential house in India and that clarifies the situation in the present case, i.e, post amendment, viz., from 01.04.2015, the benefit of Section 54F will be applicable to one residential house in India. Prior to the said amendment, it is clear that a residential house would include multiple flats/residential units as in the present case where the assessee has got five residential flats. CIT V. Smt. K. G. Rukminiamma reported in 331 ITR 211 followed.

One comment on “CIT vs. V. R. Karpagam (Madras High Court)
  1. mr narendra modi as pm announced dual citizenship every one knows :

    when indians in india or abroad are also indians:

    even if an NRI turns to be a citizen of host country too he is continuing to be indian citizen in a global environment as we follow globalization since 1991 on, more so now. your citizens go out for what just to earn more to help indian economy by allowing his job may be given to another indian locally that way he or she contributes is it not;

    when so, why indians or NRIs why even dual citizenship Indian holders cannot get sec 54 benefit under Global asset allocations, after all asset allocation idea is to see never the asset erodes, like we never like capital cannot be lost in a business environment;

    that way finance Act 2014 can get modified by a small amendment that indians anywhere can take the benefit under sec 54 when he sells or buys an asset in india, after all if a $ is given to india do u say that is foreign money, will say, ‘we will not have it!’, SO PRUDENTIAL financial economics can also play in taxation economics too that means assets go on increasing day by day under net national product, that might benefit india ‘s GDP too is it not!

    so that kind of amendment can be having retrospective effect too that would help courts or tribunals discharge cases b y simple dismissals that means tax claims are infructuous’

    also it could help courts better breathing space to address and judge other genuine cases or issues before them, i think!

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