ITAT Allows Section 54F Exemption for Duplex Flats Purchased Through Separate Agreements

Advertisement Chanda Runwal Vs ACIT (ITAT Mumbai) The assessee appealed against the order of the Commissioner of Income Tax (Appeals) passed under Section 250 of the Income-tax Act, 1961 for Assessment Year 2018-19. The appeal challenged the denial of exemption under Section 54F and the disallowance of indexed cost of improvement. The assessee sold a residential property at Deonar on 13.12.2017 for a consideration of ₹5,56,00,000 and earned long-term capital gains of ₹3,30,86,396, claiming exemption under Section 54 for purchase of residential property bearing No. T-6/1402 at Runwal Gre...