Assessing Officer disallowed\u00a0 the exemption claimed by\u00a0 holding that assessee was merely possessing a piece of land without any construction thereon. On appeal the Tribunal held that\u00a0 valuation report and other documentary evidence clearly revealed that assessee had constructed residential buildings comprising of two rooms, kitchen, toilet having electricity and water connection which was being used as residential unit, exemption under section 54F should be allowed.\u00a0 As regards cost of improvement no documentary evidence was produced hence the disallowance is affirmed.\u00a0 (AY. 2016-17)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54F : Capital gains-Investment in a residential house-Constructed residential buildings comprising of two rooms, kitchen, toilet having electricity and water connection which was being used as residential unit-Denial of exemption is not justified-Cost of improvement-Documentary evidence not filed-Disallowance is affirmed. [S. 45, 48, 55] <\/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-44340","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-bxa","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44340","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=44340"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44340\/revisions"}],"predecessor-version":[{"id":44341,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/44340\/revisions\/44341"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=44340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=44340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=44340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}