Deduction u/s 54 is eligible in respect of more than one property

Advertisement K. Gopalakrishnan Vs ITO (ITAT Chennai) ITAT Chennai held that as per the ratio of decision of jurisdictional High Court in CIT V/s Gumanmal it is held that deduction u/s 54 of the Income Tax Act is available in respect of more than one property. Facts- The assessee is a non-resident. The assessee being joint owner of a property along with her sister and mother, earning Long-Term Capital Gains from a residential house under a Joint Development Agreement. The assessee’s father who was in possession and enjoyment of the property died. Accordingly, the assessee became co-owne...