Disallowance of exemption claimed u/s54 of the ITAct,1961.

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..... Disallowance of exemption claimed u/s54 of the ITAct,1961.
Query (Issue) Started By: - Avinash Joshi Dated:- 23-4-2015 Income Tax
Income Tax
Assessee has claimed exemption u/s 54 of the ITAc .....

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..... t,1961, by investing ₹1crore in a residential flat developed by the developer on the sold residential house property wherein the Assessee had 20%undivided share .The Long term capital gain on tr .....

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..... ansfer of house property thus invested in residential flat allotted by the developer.The learned Assessing Officer has refused exemption u/s 54 on the contention that the Assessee was not absolute own .....

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..... er of the house property sold to the developer.In his opinion the exemption is not available to the coowner of house property. This is a new concept for me.Kindly share your views.
Discussion Foru .....

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..... m - Knowledge Sharing .....

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