Deduction u/s 54F was allowable on 50 Flats received under JDA for Pre-2015 assessment year

Smt. Anuradha Chennu Vs DCIT (ITAT Hyderabad) Conclusion: Assessee was entitled to deduction under section 54F in respect of the entire value of all 50 residential flats receivable under the Joint Development Agreement. Prior to the amendment effective from 01.04.2015, exemption under section 54F could not be restricted merely because the investment was made in multiple residential units. Further, flats agreed to be allotted in future under a JDA constituted investment in construction of a residential house for the purposes of section 54F. Accordingly, AO was directed to grant deduction under ...