Multiple Houses Eligible for Section 54 Relief Prior to 01.04.2015: ITAT Delhi

Bela Sahni Vs DCIT (ITAT Delhi) The Delhi ITAT allowed the appeal of the assessee and deleted disallowance of ₹91.48 lakh made towards exemption claimed u/s 54 in respect of investment in a second residential property. The assessee had invested capital gains arising from sale of ancestral property in two residential properties at Noida, including a property at Jaypee Greens Wishtown Klassic. The Assessing Officer denied exemption relating to the second property by applying the amendment introduced by the Finance Act, 2014 restricting deduction to “one residential house in India”. The Tri...