54F Deduction Allowed on Gain from Sale of Jewellery Inherited Through Will

ACIT Vs Sharada Narayanan (ITAT Bangalore) ITAT Bangalore: Sale of Jewellery Inherited Through Will – Addition u/s 56 Deleted Background Assessee, Smt. Sharada Narayanan, declared LTCG of ₹6.29 crore on sale of jewellery valued at ₹7.09 crore, claimed as inherited from her late mother-in-law Smt. Kasturi Shoury through a notarized Will (dated 28.06.2007, disclosed after 7 years). The jewellery was sold to M/s Navarathan Jewellers, Bangalore between June 2015 and February 2016. Assessee reinvested ₹6.45 crore in a residential house, claiming exemption u/s 54F. AO’s Assessment AO rejec...