House gifted to father ‘Colorable device’; Denies Section 54F benefit rightly

Rachit V Shah Vs ITO (ITAT Hyderabad) Hyderabad ITAT dismisses Assessee’s appeal, holds that gift of house to father just prior to sale of land was a camouflage to claim Section 54F deduction as the Assessee owned two house properties; Remarks that “Though, gift deed, on a standalone basis seems to be a natural act on the part of son to gift home to his father, but when the gift deed is to be examined in the light of the prior and subsequent acts and prevailing circumstances, then it is clear that the real intention of the assessee, was to claim the deduction under section  54F” and uph...