54 or 54F? Large Land With Small House Still a Residential Property? Tribunal Says Re-Examine

Yogesh Mutha Vs ITO (ITAT Jaipur) In Yogesh Mutha Vs ITO, ITAT Jaipur observed that AO and CIT(A) wrongly restricted Section 54 exemption on LTCG by applying Section 54F and ignoring actual use of the property. Tribunal remanded the matter for fresh inquiry to determine if the entire land qualifies as a residential house for exemption. Assessee sold a residential plot at Jawahar Nagar, Jaipur for Rs.2.40 crore on 16.07.2016, resulting in LTCG of Rs.1.55 crore after indexation. He invested the entire gain in purchasing, jointly with his brother, a property at Bhankrota, Ajmer Road, Jaipur, cons...