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Exemption u/s 54F available towards purchase of residential property one year before the sale of capital asset
Case Law Details
- Case Name
- Akshay Janak Shah Vs CIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Mumbai
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Akshay Janak Shah Vs CIT (ITAT Mumbai)
ITAT Mumbai held that purchase of residential property within specified period of one year before the sale of capital asset (commercial property) is allowable as exemption under section 54F of the Income Tax Act 1961.
Facts- During the assessment proceedings, AO noted that the Appellant had sold his 50% share along with the other joint owner in the commercial property being office premises (bearing No. FW3150) at Bharat Diamond Bourse, BKC for a consideration of INR 76,96,000/- by way of documents registered on 25.04.2013. However, the ga...
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