ITAT Mumbai Allows Section 54F Exemption for Duplex Property Purchase

Ratan Mahendra Jain Vs ITO (ITAT Mumbai) Income Tax Appellate Tribunal (ITAT) Mumbai Bench has ruled in favor of the assessee, Ratan Mahendra Jain, allowing the claim for exemption under Section 54F of the Income Tax Act, 1961. The Tribunal clarified that the assessee’s purchase of an interconnected duplex unit should be considered as a single residential property, not two separate flats, thus qualifying for the exemption from long-term capital gains. The appeal was filed by the assessee against an order dated February 5, 2025, by the National Faceless Appeal Centre (NFAC), Delhi, which ...