Section 54F Deduction Allowed – Commercial Property Not a Residential House: ITAT Chennai

Kesavan Vanithamani Vs ITO (ITAT Chennai) Section 54F deduction allowed – Commercial tannery not a residential house; Protective LTCG addition deleted – ITAT Chennai In Kesavan Vanithamani vs ITO (A.Ys. 2017-18 & 2018-19), the dispute arose from taxation of capital gains on transfer of land under a joint development agreement and denial of exemption u/s 54F. The AO taxed entire capital gain in A.Y. 2017-18 and denied deduction holding that the assessee owned more than one house property. The ITAT noted that the assessee owned one residential house and one tannery building, which was a ...