Sec. 54F relief denied as assessee had acquired another residential house within 1 year of transfer of capital asset November 12, 2014[2014] 50 taxmann 101 (Mumbai - Trib.) IT: While computing capital gains arising on transfer of a capital asset acquired by assessee under a gift or will, indexed cost of acquisition has to be computed with reference to year in which previous owner first held asset and not year in which assessee became owner of asset IT: Where property has become capital asset of assessee through will, cost of acquisition has to be taken in terms of section 55(2)(b) and assessee can adopt either actual cost of acquisition or fair market value of asset as on 1-4-1981 IT: Where assessee had purchased residential house again after purchasing earlier residential unit within a period of one year from date of transfer, exemption under section 54F was rightly denied in view of violation of sub-clause (ii) of clause (a) of section 54F(1)
Posted on: Thu, 13 Nov 2014 14:17:35 +0000
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