Possession of more than one house property cannot be a reason to deny deduction u/s 54F of the IT Act

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Last updated: 24 July 2021
Quick Summary
The Income Tax Appellate Tribunal (ITAT) has ruled that owning more than one residential property does not automatically disqualify an assessee from claiming a deduction under Section 54F of the Income Tax Act. The tribunal allowed an additional ground of appeal, considering that all necessary facts were on record. The case was remitted to the Assessing Officer to adjudicate the claim based on the conditions stipulated in Section 54 of the Act.

Court :
ITAT Hyderabad

Brief :
This Assessee’s appeal for A.Y. 2009-10 arises against the CIT(A) -1, Hyderabad’s order dated 28..02..2017 passed in case no. 229/2014-15, involving proceedings u/s 143(3) of the Income Tax Act, 1961 [ in short ‘the Act’]. Heard both the parties. Case file perused.

Citation :
I.T.A. No. 1096/Hyd./2017

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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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