https://www.taxtmi.com/caselaws?id=375432 The Tribunal ruled in favor of the assessee in a case involving the computation of capital gains on the sale of RR property and another property under Section 54F of the Income Tax Act. The Tribunal held that the RR property's gain qualified as long-term capital gain, allowing the deduction under Section 54F. Additionally, it allowed the full deduction for the investment in the N.R. Colony property, despite joint ownership and multiple door numbers, citing relevant judicial precedents. The judgment highlights the importance of property "holding" interpretation and eligibility for deductions under the Income Tax Act. en-us Fri, 04 Jan 2019 00:00:00 +0530 Tue, 19 Feb 2019 07:36:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=375432 The Tribunal ruled in favor of the assessee in a case involving the computation of capital gains on the sale of RR property and another property under Section 54F of the Income Tax Act. The Tribunal held that the RR property's gain qualified as long-term capital gain, allowing the deduction under Section 54F. Additionally, it allowed the full deduction for the investment in the N.R. Colony property, despite joint ownership and multiple door numbers, citing relevant judicial precedents. The judgment highlights the importance of property "holding" interpretation and eligibility for deductions under the Income Tax Act. Case-Laws Income Tax Fri, 04 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=375432