No exemption U/s 54 on purchase of houseboats for residence

Kiranbhai Jamnadas Sheth (HUF) Vs ACIT (ITAT Rajkot) Conclusion: Assessee was not entitled to capital gain exemption under section 54 for purchase of houseboat as the same could not be equated with the residential house which was immovable property. Held: In the present case, AO disallowed capital gain exemption under section 54 on assessee’s investment towards the purchase of houseboat as houseboat was not a residential property within the meaning of section 54.  It was noticed that assessee had not produced the registered sale deed for purchase of houseboat, therefore it could not be said...