Sujit Bangar
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IRS| Harvard | Founder | @TaxBuddy1 ‘India’s most TRUSTED tax filing service | If u face any issue with our service,pls feel free to write me [email protected]
Mumbai, India
Joined May 2010
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Shweta owned 2 flats jointly while claiming 54F exemption. Income-tax denied her exemption, as she violated the 2-flats condition. However, later tribunal allowed her ₹61,65,546 exemption. Here's why and how you can claim 54F exemption even after owning 2 flats🧵👇
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[9] Section 54F is often misunderstood. 🔸 Joint name ≠ full ownership. 🔸 What matters is beneficial ownership on the date of transfer. 🔸 Always assess facts before claiming exemption.
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[8] Final Verdict. 🔸 Tribunal ruled in favour of Shweta. 🔸 Deleted ₹61.6 lakh addition. 🔸 Allowed full Section 54F exemption.
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[7] Also applied the Supreme Court principle from Vegetable Products Ltd:. 🔸 If two views exist in tax law, the view favouring the assessee must be taken.
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[6] They supported this with rulings like:. 🔸 Ashok G. Chauhan v ACIT (Mumbai). 🔸 Mukesh Vakharia (Surat). 🔸 Zainul Ghaswala (Mumbai). All held that joint ownership doesn’t violate Section 54F.
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[5] But ITAT Mumbai disagreed. 🔸 Relied on Dr. P.K. Vasanthi Rangarajan (Madras HC). 🔸 Held that joint ownership ≠ disqualification under 54F. 🔸 Unless ownership is exclusive, 54F benefit can't be denied.
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[4] AO argued that . 🔸Even partial joint ownership of more than one house disqualifies 54F. So, ₹61.6 lakh exemption was denied.
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[3] Shweta’s rebuttal:. 🔸 The flat with her husband was fully paid for by him. 🔸 The second flat was inherited after the sale. 🔸 She was not the exclusive owner of any house on the transfer date.
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[2] The AO rejected her 54F exemption on one ground:. On 03.09.2012 (sale date), she was joint owner in 2 flats:. 🔸 One with her husband. 🔸 One to be inherited from her father after his death via HUF.
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[1] In 2012, Shweta sold land in Bhopal for ₹64 lakh. 🔸 Earned ₹61.6 lakh long-term capital gains. 🔸 Deposited the gains in Capital Gains Account Scheme. 🔸 Purchased a new flat in July 2015.All within 54F timelines.
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Shweta owned 2 flats jointly while claiming 54F exemption. Income-tax denied her exemption, as she violated the 2-flats condition. However, later tribunal allowed her ₹61,65,546 exemption. Here's why and how you can claim 54F exemption even after owning 2 flats🧵👇
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