Assessee had sold his shares in ECC and TIL, capital gain invested in a residential property\u00a0 and claimed exemption under section 54F of the Act.\u00a0 The AO held that the assessee already owned two residential property, at Raipura and Vishubaug Farm and, thus, claim under section 54F was denied. Assessee claimed that said farm property was an agricultural land used for carrying out agricultural activities and even included a cow shed from which assessee generated income from sale of milk. Field Inspection Report and photographs of said property clearly showed that it was a 22 acres land wherein assessee had built residence\/bungalow, manager\u2019s office, worker\u2019s residence\/outhouse, storehouse\/farm equipment, cow shed etc.\u00a0 The assessee had failed to produce any property tax details and electricity connection to prove nature of property\u00a0 and\u00a0 had also not offered any agricultural income\/loss in his return of income.\u00a0 Denial of exemption is affirmed. (AY. 2017-18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54F : Capital gains-Investment in a residential house-Owned two residential property-Denial of exemption is justified. [S. 45] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-34274","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8UO","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34274","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34274"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34274\/revisions"}],"predecessor-version":[{"id":45109,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34274\/revisions\/45109"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}