ITA no. 2835/Mum./2024

Parties Involved

Facts Summary

The assessee sold two properties and claimed a deduction under section 54F of the Income Tax Act. The Revenue challenged the order of the Commissioner of Income Tax (Appeals) which allowed the deduction. The assessee claimed that he was a co-owner of other properties but not the sole owner of any residential property at the time of the sale. The issue was whether joint ownership of more than one residential house disentitles the assessee from claiming the deduction under section 54F of the Act.…

Legal Issues

• 1. Whether joint ownership of more than one residential house disentitles the assessee from claiming deduction under section 54F of the Act.
• 2. Whether the decision of the Hon'ble Madras High Court in Dr. Smt. P.K.Vasanthi Rangarajan v/s CIT is applicable to the present case.

Judgment Outcome

Decided in favour of Partly Assessee / Partly Revenue.

Precedents Relied Upon

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