No section 54F deduction on Residential apartments used for commercial purpose

D. Ravikumar Vs ACIT (ITAT Chennai)

Held that two apartments owned for residential purpose are being used for commercial purposes as service apartments and hence needs to be excluded for the purpose of deduction u/s 54F.

Facts- During financial year relevant to AY 2007-08, the assessee has sold property for consideration of Rs. 40 lakhs and computed LTCG of Rs.26,28,898/-. The assessee had also claimed deduction u/s.54F of the Income Tax Act, 1961 for purchase of another residential house property for

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