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| The Tax Publishers2020 TaxPub(DT) 3509 (Bang-Trib) : (2020) 185 ITD 0408 INCOME TAX ACT, 1961
Section 54F
Where assessee only gave lease of vacant land and obtained rent for land and not for any building, therefore, assessee did not own more than one residential house as alleged by revenue, other than new asset on date of transfer of original asset, and accordingly, deduction under section 54F was to be allowed to assessee.
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Capital gains - Deduction under section 54F - Assessee allegedly owned more than one residential house - Assessee only gave lease of vacant land and obtained rent for land and not for any building
Assessee was denied benefit of deduction under section 54F on allegation that assessee owned more than one residential houses, other than new asset on date of transfer of original asset. Held: It was found that properties were, in fact, not residential houses owned by it and assessee only gave lease of vacant land and obtained rent for land and not for any building. Thus, assessee did not own more than one residential house, other than new asset as on date of transfer of original asset and, deduction under section 54F was to be allowed to assessee.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 2012-13
INCOME TAX ACT, 1961
Section 48
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