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2018 (1) TMI 986 - AT - Income TaxDecline of claim of exemption u/s.54F - assessee has purchased more than one residential house out of the sale proceeds of capital gain - Held that:- The issue under consideration is squarely covered by the decision in the case of CIT vs. Late Khoobchand M. Makhija [2013 (12) TMI 1525 - KARNATAKA HIGH COURT] wherein held that exemption u/s.54 is available even in respect of two house property / flats being acquired out of the sale proceeds of long term capital gain. Applying proposition of law to the facts of the instant case, we found that assessee has invested more than the sale proceeds of the industrial gala for purchase of two flats. Respectfully following the decision of Karnataka High Court, we do not find any merit for decline of assessee’s claim of deduction u/s.54 for investment in two flats out of sale proceeds of long term capital gains within the stipulated period provided in the Act. - Decided in favour of assessee
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