Whether exemption under section 54 is allowable if residential units of a house property are purchased from different persons?
Loan squared off by assessee by way of conversion of the loan into equity is violation of section 269T?
The exemption of Rs. 50 lakh in s. 194-IA(2) is applicable w.r.t. the amount related to each transferee
S. 56(2)(vii) is a counter evasion mechanism to prevent money laundering of unaccounted income & does not apply to bona fide business transaction done out of business exigency
Fact that residential house consists of several independent units cannot be a hindrance to allowance of exemption u/s 54