Woman claims Rs 14.7L home relief; taxman cites multiple homes, why ITAT gave relief
The Income Tax Department reopened a woman’s assessment for assessment year 2015-16, alleging that she had wrongly claimed a Rs 14.70 lakh deduction under Section 54F of the Income Tax Act. The Assessing Officer denied the deduction on the ground that she owned more than one residential house apart from the new asset, and assessed her...
Key Takeaways
- The Income Tax Department reopened a woman’s assessment for assessment year 2015-16, alleging that she had wrongly claimed a Rs 14.70 lakh deduction under Section 54F of the Income Tax Act.
- The Assessing Officer denied the deduction on the ground that she owned more than one residential house apart from the new asset, and assessed her income at Rs 16,70,500.
- Full details and original dispatch available below.
The Income Tax Department reopened a woman’s assessment for assessment year 2015-16, alleging that she had wrongly claimed a Rs 14.70 lakh deduction under Section 54F of the Income Tax Act. The Assessing Officer denied the deduction on the ground that she owned more than one residential house apart from the new asset, and assessed her income at Rs 16,70,500.
Original Publisher Attribution
This summary was curated from Times of India.