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Section 54F Deduction Allowed on Genuine House Purchase from In-Laws: Mumbai ITAT
Case Law Details
- Case Name
- Nidhi Siddharth Kejriwal Vs DCIT (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2022-23
- Courts
- All ITAT, ITAT Mumbai
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Nidhi Siddharth Kejriwal Vs DCIT (ITAT Mumbai)
Mumbai ITAT Allows Section 54F Deduction on Purchase of House from In-Laws – Genuine Family Transaction Cannot Be Branded a Colourable Device
Mumbai ITAT allowed the assessee’s claim of exemption under Section 54F, holding that the mere purchase of a residential house from close relatives does not make the transaction a colourable device or sham.
The assessee had earned long-term capital gains from the sale of unlisted shares and invested the proceeds in purchasing a residential flat from her father-in-law and mother-in-law. The Assessing Of...
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