Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 1524 - AT - Income TaxDeduction u/s 54F - Assessee claimed exemption under section 54F on the value of the 35% of constructed area which was denied by Ld. AO and confirmed by Ld. CIT(A) - HELD THAT:- As per JDA registered on 23/05/2005, assessee received 35% of total built up area, i.e, 35% of apartments constructed along with 35% of car parking and 35% of terrace and garden rights earmarked for private use as against common use in consideration for transferring 65% of undivided interest. Amendment to section 54F with regard to ‘a” by Finance (No.2) Act, 2014 w.e.f. 01/04/2015 withdrawing deduction for more than one flat (residential house). Courts have consistently held that post amendment benefit of section 54F will be applicable only to one residential house in India whereas prior to the amendment residential house would include multiple residential house/units. We are of the opinion that assessee is entitled to deduction under section 54F of the act in respect of 35% of constructed property received by her. Accordingly, this ground raised by assessee stands allowed.
|