ITAT: Ownership of several flats under JDA is eligible for Capital Gain Exemption

Last updated: 19 October 2021

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The Income Tax Appellate Tribunal (ITAT) has ruled that an individual is eligible for capital gains tax exemption under Section 54F of the Income Tax Act, even when acquiring multiple flats through a Joint Development Agreement (JDA). The Assessing Officer had initially denied the exemption, stating the individual owned other properties. However, the ITAT overturned this, citing previous rulings that allow for exemption on multiple properties acquired via a JDA.

Court :
ITAT Bengaluru

Brief :
In Sri Ganga Poorna Prasad v. The Assistant Commissioner of Income Tax, Mysuru [ITA No.41/Bang/2020 A.Y. 2009-2010 dated October 07, 2021], the Income Tax Appellate Tribunal, Bangalore ("ITAT") held that the Capital Gains Exemption under Section 54 F of the Income Tax Act, 1961 ("the IT Act") is available to multiple flats obtained by Sri Ganga Poorna Prasad ("the Appellant"), under a Joint Development Agreement ("JDA").

Citation :
ITA No.41/Bang/2020 A.Y. 2009-2010 dated October 07, 2021

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1 Year PLAN

1999

(Excl. of GST ₹359)

2 Years PLAN

3499

(Excl. of GST ₹629)

BEST VALUE

3 Years PLAN

4999

(Excl. of GST ₹899)

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Judgement posted by

Bimal Jain

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FCA, FCS LLB with21 Yrs of Experience inTaxation Indirect and Direct: Education Qualification: B.Com (Hons) Chartered Accountants Company Secretary LLB Qualified SAP FI/CO Consultants Professional Membership: Chairmanof Indirect Tax Committee of PHD Chamber of Commerce Member of Indirec ... Read more

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