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
Whether the expenditure to make a residential house habitable will be included in the cost of new asset?
Whether exemption under section 54F would be allowable where assessee is already a co-owner of another flat?