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DCIT v. Shri Dawood Abdulhussain Gandhi ( Mum) (Trib)

S. 54F: Capital gains – Investment in a residential house – Part ownership in property – Not considered absolute ownership – Assesse eligible on the date of transfer of original asset – Exemption is allowed . [ S.45 ]

Dismissing the appeal of the revenue the Tribunal held thatthe term owns more than one residential house used in S. 54F (1) has to be strictly construed and accorded to its literal meaning. Hence, it would not include partial or fractional ownership. Thus the assesse was eligible for deduction u/s 54F on the date of transfer of original asset. Followed ITO v. Shri Rasiklal N. Satra (2006) 98 ITD 335 (Mum) (Trib).  ITA No. 3788/Mum/2016 (Mum)  dt 31.01.2018 –‘F’ Bench

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(Note : Since the judgement is not reported , it is being posted now .)