Case Law Details
Case Name : Shri A. Kodanda Rami Reddy Vs The Income Tax Officer (ITAT Chennai)
Related Assessment Year : 2009- 10
Courts :
All ITAT ITAT Chennai
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Issue – Assessee in this appeal had sold a residential house at Film Nagar, Hyderabad, during the relevant previous year, for a sum of Rs. 6,50,00,000/-. After deducting indexed cost of acquisition, the long term capital gain came to Rs. 5,98,25,430/-. In the tax return filed, assessee claimed exemption under Section 54 of Income-tax Act, 1961 (in short ‘the Act’) on such capital gain for acquisition of a new residential house at Jubilee Hills, Hyderabad, for Rs. 1,86,15,220/- and acquisition of a land for Rs. 1,90,00,000/- for the purpose of constructing a residential hous...
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Basing on the present law, the decision given by the court is a decent one. The courts are already very liberal in allowing the multiple investment in the same building. It would be stretching too far to demand for deduction in two disparately placed properties.
It is high time the act is amended suitably, when the intention is to promote housing in this country, and put an end to this type of litigation wasting the courts’ time for more than 20 years.