Individual or HUF assessee’s are exempted from payment of income tax on capital gains arising from the transfer of any long-term capital asset, (not being a residential house), u/s. 54F of the IT Act on the purchase or construction of a residential house within the specified period. The exemption is subject to fulfilment of the […]
SECTION 54F EXEMPTION WHEN ASSESSEE JOINTLY OWNS RESIDENTIAL HOUSE
Ashok G. Chauhan vs. ACIT [2019] 105 taxmann.com 204 (Mum) – Condition of not owning more than a residential house on the date of transfer of the original asset would mean absolute ownership. It does not cover within its sweep a case where the assessee jointly owns residential house together with someone else Facts The […]