Exclude House gifted to daughter for Section 54F exemption: ITAT Hyderabad

ITO Vs Narasimha Reddy Duthala (ITAT Hyderabad) ITAT Hyderabad held that denial of exemption under section 54F on allegation of more than one residential house unwarranted as one residential house is gifted to his daughter. Accordingly, exemption allowed and appeal of revenue dismissed. Facts- AO rejected exemption claimed by the assessee under section 54F of the Act on three grounds including having more than one residential house as on the date of transfer of original asset i.e., shares of companies and further, no investment was made in capital gain account on or before the due date provide...