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Woman sold one house, bought 7 flats with capital gains and claimed tax exemption — Tax department objected, but tribunal ruled in her favor
Woman sold one house, bought 7 flats with capital gains and claimed tax exemption — Tax department objected, but tribunal ruled in her favor
Under Section 54, if you sell a residential house and reinvest the capital gains into another residential property within two years of sale or three years if constructing, you are exempt from paying long-term capital gains tax on that profit.
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New Delhi: A Delhi resident Saroj Rani sold her house and reinvested the entire capital gains into seven adjoining flats on the same floor of a residential complex. She claimed tax exemption under Section 54 of the Income Tax Act, treating all seven units as a single residential property. The tax department rejected her claim, arguing that seven separately registered units cannot be counted as one house.
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The Income Tax Appellate Tribunal ruled in her favour. It held that since all seven flats were on the same floor, shared a common entry, and functioned as one connected living space, they qualified as a single residential house for the purpose of Section 54. The tribunal relied on a Delhi High Court ruling in the Gita Duggal case, which had earlier established that physically connected units used together as one home can be treated as a single residence regardless of how many registration documents exist.
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Under Section 54, if you sell a residential house and reinvest the capital gains into another residential property within two years of sale or three years if constructing, you are exempt from paying long-term capital gains tax on that profit. The exemption is capped at Rs 10 crore.
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The tribunal made clear that the exemption applies when multiple units are on the same floor and used together as one home. Flats spread across different floors or different wings of a building would likely not get the same treatment and could still be denied the benefit by the tax department.
Source :Zeenews
Source: OfficeNewz
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