[aaykarbhavan] Sec. 54F relief denied as assessee had acquired another residential house within 1 year of transfer of capital asset

Sec. 54F relief denied as assessee had acquired another residential house within 1 year of transfer of capital asset

November 12, 2014[2014] 50 taxmann.com 101 (Mumbai - Trib.)

IT: While computing capital gains arising on transfer of a capital asset acquired by assessee under a gift or will, indexed cost of acquisition has to be computed with reference to year in which previous owner first held asset and not year in which assessee became owner of asset

IT: Where property has become capital asset of assessee through will, cost of acquisition has to be taken in terms of section 55(2)(b) and assessee can adopt either actual cost of acquisition or fair market value of asset as on 1-4-1981

IT: Where assessee had purchased residential house again after purchasing earlier residential unit within a period of one year from date of transfer, exemption under section 54F was rightly denied in view of violation of sub-clause (ii) of clause (a) of section 54F(1)

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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