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TMI BlogCapital Gain Exemption - Fractional OwnershipX X X X Extracts X X X X X X X X Extracts X X X X ..... There are few judgments Eg:- CIT v/s Narendra N Chahan 2001 (10) TMI 14 - GUJARAT HIGH COURT wherein it was held that the assessee is eligible for capital gain exemption u/s 54 / 54F even if he acquires fraction of residential property. I would like to know the views of expert whether such judgment still hold good even after amendment by the Finance Act 2014 substituting the words a re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sidential house with one residential house. There is a condition for claiming exemption provided u/s 54F that the assess should not own more than one residential house on the date of transfer of non-residential property. While dealing with the disputes for exemption claim under this section courts have held that the person owns 100% share in one residential property fractional share in an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... other residential property at the time of sell of non-residential property. The exemption cannot be denied for the reason fraction cannot be considered as one ( Zainul Abedin Ghaswala Versus CIT(A) 2023 (6) TMI 663 - ITAT MUMBA I ) Experts may also give their opinion whether there can be two different interpretations for fractional ownership, one for section 54 one for 54F - Capita ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l Gain Exemption - Fractional Ownership - Query Started By: - Ethirajan Parthasarathy Dated:- 14-2-2024 Income Tax - Income Tax - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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