Section 54F Deduction Allowed to Son for Purchasing Two Properties from Inherited Assets

Praveen Tyagi Vs ITO (ITAT Delhi) ITAT Delhi held that property purchased in the name of mother out of sale consideration of property inherited by mother and son is allowed as deduction u/s. 54F to son since entire sale consideration of inherited property and deduction towards newly purchased property was reflected son’s return. Facts- CIT (A) observed that assessee has claimed deduction u/s 54F of the Income Tax Act in two proportion, and accordingly enhanced the income of the assessee by rejecting the claim u/s 54F on the second property and allowed the claim u/s 54F of Rs.4,38,99,196/- an...