No exemption U/s 54 on purchase of houseboats for residence

Kiranbhai Jamnadas Sheth (HUF) Vs ACIT (ITAT Rajkot)

Conclusion: Assessee was not entitled to capital gain exemption under section 54 for purchase of houseboat as the same could not be equated with the residential house which was immovable property.

Held: In the present case, AO disallowed capital gain exemption under Please become a Premium member. If you are already a Premium member, login here to access the full content.