No Section 54F exemption on Purchase of Office premises

Arun Keshavrao Narwade (HUF) Vs ITO (ITAT Pune)

The assessee claimed that he purchased a residential house on 04-10-2004 for a sum of Rs.16,03,820/- and thus claimed exemption in the computation of income filed by him in response to notice u/s. 148. This claim was jettisoned by the AO on the ground that the assessee did not purchase a new residential flat but only an “office premises” and hence, section 54F could not apply. It is apparent from bare reading of section 54F that the exemption becomes available towards capital gain arising from the tran

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