Section 54 Allowed on Flat Booking Rights, But Capital Gains on Gifted Share to Wife Clubbed Under Section 64(1)(iv)

Late Rajeshbhai Muljibhai Amin Vs ACIT (ITAT Mumbai) Section 54 Allowed on Flat Booking Rights, But Capital Gains on Gifted Share to Wife Clubbed Under Section 64(1)(iv) The Mumbai ITAT delivered a split ruling in favour of the assessee by allowing the Section 54 deduction of ₹2 crore while simultaneously upholding the applicability of Section 64(1)(iv) in respect of capital gains arising from the share of property gifted to the spouse. The assessee had sold a residential property and invested ₹2 crore in acquiring rights in a specific flat in the redevelopment project known as “11 Westâ...