Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (4) TMI 1617 - AT - Income TaxDeduction u/s 54F - acquiring independent house - assessee declared Long Term Capital Gain (LTCG) and claimed deduction u/s 54F on the ground that she acquired property by utilizing the LTCG viz., the 13 residential flats which she got as her share of built up area under the JDA - Held that:- In the present case all the 13 flats were situate in the same premises and, therefore, the decision rendered in the case of Smt. K.G Rukminiamma (2010 (8) TMI 482 - KARNATAKA HIGH COURT ) will apply. We are of the view that the Assessee is entitled to deduction u/s.54F of the Act on all the 13 flats and there was no capital gain chargeable to tax in the hands of the assessee. We hold and direct accordingly and allow the appeal of the Assessee.
|