HC allows Section 54F exemption for all five flats received as part of development agreement

CIT Vs Smt. V.R.Karpagam (Madras High Court) In the Tax Case (Appeal) of CIT vs. Smt. V.R. Karpagam, adjudicated by the Madras High Court, the primary contention revolved around the eligibility of the assessee for exemption under Section 54F of the Income Tax Act for capital gains arising from the transfer of a long-term capital asset. The crux of the dispute lay in whether the assessee, who was to receive five flats as part of a development agreement, could claim exemption for all five flats under Section 54F. The respondent/assessee had engaged in an agreement with M/s. Mount Housing and Inf...