Case Law Details
CIT Vs Kalpana Hansraj (Bombay High Court)
Perusal of sub-section (1) of Section 54 of the Act would show that the exemption would be available to an assesse being an individual or Hindu Undivided Family where the capital gain arises from the transfer of a long-term capital asset, not being a residential house provided the remaining conditions of the said provisions are satisfied.
The provisions of section 54F are beneficial provisions enacted for the purpose of promoting the construction/purchase of residential houses. The property in question sold by the assessee could not be constructed by the builder for a sufficient long time and the same could not be categorized as residential residential house and therefore the claim of the assessee has rightly been allowed by the Ld. CIT(A) and Tribunal under section 54F of the Act.
FULL TEXT OF THE HIGH COURT ORDER / JUDGMENT
1. Revenue is in the appeal against the judgment of the Income Tax Appellate Tribunal (“Tribunal” for short) dated 4.2015. Following question has been presented for our consideration:-
Please become a Premium member. If you are already a Premium member, login here to access the full content.
