Case Law Details
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-owner of the property. As per the agreement, the builder agreed to develop the property into a residential complex and agreed to give the owners payment of Rs.225 Lakhs in cash and 2 flats Each. Assessee transferred 50% of his 1/3rd undivided share in favor of the builder M/s Firm Foundations and Housing Ltd.
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