Construction of new residential house to its existing residence qualifies for deduction u/s. 54F

Chandra Bhavani Sankar Vs ITO (ITAT Chennai) ITAT Chennai Held that the construction of a new residential house to its existing residence with separate stair-case, kitchen, new electrical connection, water connection, etc. qualifies for deduction u/s.54F of the Act. Accordingly, deduction u/s. 54F granted. Facts- The return of the assessee was selected for scrutiny under CASS. AO completed the assessment on 30.03.2015 by making additions to LTCG re-computed at Rs.66,53,379/-; Savings bank interest Rs.20,218/- and Unexplained cash credit u/s.68 of the Act Rs.59,90,000/-. Aggrieved, the assessee...