Query on surrender of tenancy right

[ca_sanjayin]

A partneship firm is surrendering tenanacy right. Whether the firm will be entitled for exemption under section 54 F ?

[camanojgupta]

SECTION 54F DEDUCTION IS ALLOWED ONLY TO INDIVIDUAL AND HUF SO NO DED TO PF. HOWEVER THE DED WILL B ALLOWED IF TR IS SOLD BY THESE ASSESSEES BECAUSE TR IS NOW A CAPITAL ASSET.

CA MANOJ GUPTA
JODHPUR
09828510543