Section 54 Deduction Allowed for Multiple Floors Due to Single Residential House Interpretation

Smt. Payal Bansal Vs ITO (ITAT Delhi) The appeal arose from an order passed by the Commissioner of Income Tax (Appeals) for Assessment Year 2015–16, against the assessment made under Section 143(3) of the Income-tax Act, 1961. The primary issue concerned partial denial of deduction under Section 54 in respect of long-term capital gains arising from the sale of a residential property. The assessee had sold an undivided half share in a residential property located in East Punjabi Bagh, New Delhi, for a total consideration of ₹3.82 crore, resulting in long-term capital gains of ₹3.42 crore....