Mere subsequent Commercial use of Residential Property not take away benefit u/s.54F

CA Sandeep Kanoi The facts of the issue in dispute are that the assessee, Shri Ramakrishna Reddy, sold 1800 sq. yds of land jointly owned by him with his sister Smt. M. Harinitha Reddy, for Rs. 63,52,500/- and declared half of his share at Rs 31,76,250/- After deducting indexed cost of acquisition long term capital gains was computed at Rs. 30,20,598/- The said amount was invested in a new property named “Punnaiah Plaza” at Rd. No.2 Banjara Hills, Hyderabad vide registered sale deed dated 14.8.2004. The assessee claimed deduction under S.54F, but the same was disallowed by the asse...