{"id":24548,"date":"2022-01-31T18:15:18","date_gmt":"2022-01-31T12:45:18","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=24548"},"modified":"2022-02-03T11:07:38","modified_gmt":"2022-02-03T05:37:38","slug":"claim-u-s-54f-of-the-income-tax-act-1961-2","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/claim-u-s-54f-of-the-income-tax-act-1961-2\/","title":{"rendered":"Claim u\/s 54F of the Income Tax Act, 1961"},"content":{"rendered":"<ul>\n<li>Assessee is an individual and has made claim U\/Sec. 54F in respect of investment in the bungalow along with the land. while executing the agreement , the assessee has executed\u00a0 Registered Development Agreement , where in the description of\u00a0 property it is clearly mentioned that it is land with the constructed bungalow. However the AO has rejected the claim on the ground that the investment made by the assessee in the property is not for purchase of house property by the assessee but assessee had taken it for the purpose of\u00a0 Development of the property.\u00a0 Assessee is not engaged in the business of development of\u00a0 property. Assessee has after period of 4 years has sold the same property as it is and the capital loss in the transaction has been accepted U\/Sec.143(1)(a) of the Act.<\/li>\n<li>whether rejection of the claim of the assessee U\/Sec.54F by the A.O. on the ground that the assessee had entered in to Development agreement is correct. Pl guide.<\/li>\n<li><\/li>\n<\/ul>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[33],"qa_category":[23],"qa_tag":[489,362,361],"class_list":["post-24548","qa","type-qa","status-publish","hentry","qa_expert-advocate-shashi-ashok-bekal","qa_category-income-tax","qa_tag-development-agreement","qa_tag-investment-in-house","qa_tag-section-54f-deduction"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/24548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=24548"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=24548"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=24548"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=24548"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=24548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}