Section 54F Exemption allowable if Property is of Commercial Nature

Deputy Commissioner of Income Tax Vs Shri Sudhakar (ITAT Chennai)

Facts in the impugned order are that the assessee sold an immovable property on 06.06.2014 to M/s. Chellamal Educational Society for a total sale consideration of ₹.5,16,54,000/-. The assessee has computed the long term capital gains towards sale of property and claimed exemption under section 54F of the Act by reinvesting the capital gains by entering into an agreement with M/s. Mantri Technology Constellations Private Limited on 06.09.2013 for purchase of

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