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Section 54F exemption granted for different floors of single residential house
Case Law Details
- Case Name
- PCIT-Central -1 Vs Lata Goel (Delhi High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2011-12
- Courts
- All High Courts, Delhi High Court
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PCIT-Central -1 Vs Lata Goel (Delhi High Court)
Delhi High Court held that exemption under section 54F of the Income Tax Act is allowed towards different floors of a house considering it as single residential house. Accordingly, appeal of the revenue dismissed.
Facts- During the year, the Assessee had claimed a deduction of ₹90 crores u/s. 54F of the Act asserting that the consideration received from the sale of shares of FIITJEE Ltd. — an unlisted company, the gains from which would otherwise be chargeable to tax as capital gains — was invested in acquiring a residential house property....
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