Denial of Capital Gain Exemption u/s 54F for Property Described as “Makaan” Justified Due to Brick-Kiln Construction

Himanshu Garg VS ACIT (Delhi High Court) Denial of capital gain exemption u/s 54F for property described in registered sale deed as “Makaan” was justified as having Brick-Kiln construction Conclusion: Tribunal was justified in declining capital gain exemption under Section 54F  with respect to a property described as “makaan” (house) in the registered sale deed but in reality having a brick kiln construction. Held: Assessee had sold certain lands and sought capital gain exemption under Section 54F against investment made in a new property (makaan), jointly with two others. AO  had re...