Exemption Under Section 54F Allowed for Multiple Flats by Madras HC

Smt. C. Anuradha Vs ITO (Madras High Court) The case of Smt. C. Anuradha Vs ITO before the Madras High Court concerns the interpretation and applicability of Section 54F of the Income Tax Act, 1961, which provides exemptions from long-term capital gains (LTCG) tax on the sale of capital assets when the proceeds are invested in residential property. The appeal arose following the dismissal of the appellant’s claim for exemption under Section 54F by the Income Tax Appellate Tribunal (ITAT) in I.T.A. No. 952/Mds/2012 for the Assessment Year 2003-2004. The primary legal questions centered on wh...