Held that since the assessee held only the property in Pune on the date of transfer of original asset in August 2016 and became owner of a portion of the property in new Delhi under the Will of his deceased mother only after the mutation in March, 2017, benefit of exemption under s. 54F could not be denied on the basis that he was owner of two residential flats at the time of transfer of the original asset. Tribunal also held that the assessee having received only 25 per cent share in the property on the death of his mother, he cannot be held to be the absolute owner of the said property. Entitle to exemption. (AY.2017-18)
Deepak Kothari v. ACIT (2025) 237 TTJ 241 / 177 taxmann.com 219 (Delhi) Trib)
S.54F: Capital gains-Investment in a residential house-Owing to the Death of the mother of the assessee, she received 25 per cent of the share in the property in New Delhi-Merely because the assessee had the right to receive the rent w.e.f. 11th July, 2015, the position does not change-Absolute ownership was acquired by the assessee only after mutation. The assessee is the 25 per cent owner of the property; he cannot be held to be the absolute owner of the second property-entitled to exemption. [S. 45]
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