Deduction u/s 54 is eligible in respect of more than one property

K. Gopalakrishnan Vs ITO (ITAT Chennai) ITAT Chennai held that as per the ratio of decision of jurisdictional High Court in CIT V/s Gumanmal it is held that deduction u/s 54 of the Income Tax Act is available in respect of more than one property. Facts- The assessee is a non-resident. The assessee being joint owner of a property along with her sister and mother, earning Long-Term Capital Gains from a residential house under a Joint Development Agreement. The assessee’s father who was in possession and enjoyment of the property died. Accordingly, the assessee became co-owner of the property...