https://www.taxtmi.com/caselaws?id=760395 The ITAT Mumbai allowed the assessee's appeal for LTCG exemption u/s 54F. The assessee purchased two adjacent flats and converted them into a single dwelling unit through a revised plan approved by MHADA. Despite the revenue's argument that two separate purchase agreements were executed, the tribunal held that since the flats were joined together and used as one residential unit with one kitchen and necessary structures, the exemption could not be denied. The tribunal relied on precedents establishing that when two units are closely connected and constitute a single residential unit, exemption u/s 54F remains available, distinguishing cases where units are distantly situated. en-us Mon, 14 Oct 2024 00:00:00 +0530 Sat, 19 Oct 2024 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760395 The ITAT Mumbai allowed the assessee's appeal for LTCG exemption u/s 54F. The assessee purchased two adjacent flats and converted them into a single dwelling unit through a revised plan approved by MHADA. Despite the revenue's argument that two separate purchase agreements were executed, the tribunal held that since the flats were joined together and used as one residential unit with one kitchen and necessary structures, the exemption could not be denied. The tribunal relied on precedents establishing that when two units are closely connected and constitute a single residential unit, exemption u/s 54F remains available, distinguishing cases where units are distantly situated. Case-Laws Income Tax Mon, 14 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760395