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Deduction u/s 54 of Income Tax Act not available on sale of vacant plot
Case Law Details
- Case Name
- Bollineni Krishna Kumari Vs ITO (ITAT Hyderabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-2014
- Courts
- All ITAT, ITAT Hyderabad
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Bollineni Krishna Kumari Vs ITO (ITAT Hyderabad)
ITAT Hyderabad held that sale of vacant plot is not eligible for deduction under section 54 of the Income Tax Act.
Facts- the assessee is an individual, filed her return of income on 30.07.2013 for the AY 2013-14 admitting total income of Rs.4,88,937/- consisting of income from house property of Rs.1,02,945/-, long term capital gain of Rs.3,60,837/- and income from other sources of Rs.25,155/- and agricultural income of Rs.90,000/-. The AO finalized the assessment proceedings and has calculated the long term capital gains at Rs.63,55,216 by disa...
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