Deduction u/s 54F not eligible as flats not hold for minimum period of 3 years

Smt. Madhu Devi Jain Vs ITO (ITAT Hyderabad) ITAT Hyderabad held that claim of deduction under section 54F of the Income Tax Act not available as the flats sold are not hold for a minimum period of 3 years. Facts- The assessee is an individual deriving income from house property, business income, capital gains and other sources. She filed her return of income for the A.Y 2015-16 electronically on 27.11.2015 declaring an income of Rs.3,49,568/- after claiming deduction under Chapter VIA at 1701/-. Subsequently, the case was selected for scrutiny under CASS and the Assessing Officer completed th...