Section 54F Exemption Denied for Owning Multiple Houses with Separate Kitchens: ITAT Delhi

Late Shri Ram Kishore Seth Vs ITO (ITAT Delhi) Residential Units vs Residential House: ITAT Draws the Line- Multiple Kitchens, No 54F: Tribunal Says Assessee Owned More Than One House 1. Background Appeal filed by Legal Heir of Late Shri Ram Kishore Seth against NFAC order dated 16.01.2024. Scrutiny under CASS for cash deposits during demonetisation & capital gains / deduction u/s 54F. 2. Issue 1 – Deduction u/s 54F on JDA Property Assessee’s Claim Original house at ND-63, Pitampura demolished & reconstructed under JDA (3 floors). Builder retained 2nd floor + 25% parking; Assess...