https://www.taxtmi.com/caselaws?id=759763 ITAT Cochin allowed the assessee's appeal regarding capital gains exemption under sections 54/54F. The tribunal held that cost of improvement expenses of Rs. 12.52 lakhs were eligible for deduction in calculating long-term capital gains with indexation, based on bank loan evidence suggesting total project costs. The tribunal ruled that depreciable assets held over 36 months qualify for exemption under sections 54/54F despite being subject to short-term capital gains under section 50. Investment in property with mixed residential-commercial classification was deemed eligible for section 54F exemption as it was predominantly used for residential purposes, not actual commercial activity. en-us Thu, 03 Oct 2024 00:00:00 +0530 Mon, 07 Oct 2024 10:34:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759763 ITAT Cochin allowed the assessee's appeal regarding capital gains exemption under sections 54/54F. The tribunal held that cost of improvement expenses of Rs. 12.52 lakhs were eligible for deduction in calculating long-term capital gains with indexation, based on bank loan evidence suggesting total project costs. The tribunal ruled that depreciable assets held over 36 months qualify for exemption under sections 54/54F despite being subject to short-term capital gains under section 50. Investment in property with mixed residential-commercial classification was deemed eligible for section 54F exemption as it was predominantly used for residential purposes, not actual commercial activity. Case-Laws Income Tax Thu, 03 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759763