Assessee had sold certain shares and out of sale proceeds he purchased one triplex flat which consisted of a common living area, common kitchen and interconnected rooms and\u00a0 claimed deduction under section 54F.\u00a0 AO held that, purchase of multiple flats under one agreement would be ineligible for exemption under section 54F.\u00a0 CIT(A) affirmed the order of the AO. On appeal thee Tribunal held that\u00a0\u00a0 from agreement and flat diagram that three flats were interconnected with a common living room, kitchen, and three rooms and builder modified flats to meet assessee’s needs, and triplex nature of unit was approved and accepted by builder. Tribunal held that\u00a0\u00a0 circumstances, triplex flats purchased by assessee with interconnectivity would be considered as single residential unit and would qualify for exemption.\u00a0 (AY.2020-21)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54F : Capital gains-Investment in a residential house-Triplex Flat-Triplex flat purchased which had common living area, common kitchen and several rooms satisfied definition of a single residential unit and would qualify for exemption.[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-48714","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cFI","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48714","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=48714"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48714\/revisions"}],"predecessor-version":[{"id":53691,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48714\/revisions\/53691"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48714"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48714"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48714"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}