Deduction u/s 54F - LTCG - Out of these 24 flats, 15 flats are ...

Assessee Eligible for Deduction on New Residential House as Proviso to Section 54F Does Not Apply.

February 11, 2020

Case Laws     Income Tax     AT

Deduction u/s 54F - LTCG - Out of these 24 flats, 15 flats are already sold in the present year and remaining 9 flats are likely to be sold within the period of three years from the date of its purchase but the assessee is not claiming deduction u/s 54F in respect of any of these 24 flats but since even these 9 unsold flats can be considered as a part of new asset for deduction u/s 54F, the proviso (a) (i) to section 54F is not applicable because in addition to these 9 flats and one residential house purchased by the assessee for which the assessee is claiming deduction u/s 54F, the assessee is owning only one residential house being self-occupied house and hence, this proviso is not applicable.

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