Section 54 deduction available even on amount invested in excess of share in property

Advertisement ITO Vs Rachna Arora (ITAT Chandigarh) Solitary issue in the present appeal pertained to claim of exemption u/s 54 of the Act of Long Term Capital Gains earned by the assessee being invested in another property. The shares of three co-owners namely the assessee, her son in law and her daughter in the purchased property were 34%, 33% & 33% respectively. As the assessee’s share in said property was 34%, the AO held that the assessee would be entitled for claim of exemption to the extent of 34% of total LTCG invested by her, while the Ld.CIT(A) allowed the entire claim o...