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54F Deduction Allowed on Gain from Sale of Jewellery Inherited Through Will
Case Law Details
- Case Name
- ACIT Vs Sharada Narayanan (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Bangalore
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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...
Author Info
