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Learn More59 ACIT vs. Shri Iqbal Ali Khan
ITA No.: 505 / Hyd / 2020
A.Y.: 2013-14
Date of Order: 12th January, 2024
Section: 54F
No exemption under section 54F is allowable in respect of a building which was predominantly used for religious purposes.
Section 54F does not allow pro-rata exemption.
FACTS
The assessee sold two properties for a total consideration of ₹8.81 crores, resulting in capital gain of ₹7.21 crores.
He claimed exemption under section 54F to the extent of ₹5.47 crores, by constructing a building consisting of ground floor plus three floors in Hyderabad.
The assessee had not taken any municipal permission before starting the construction.
However, subsequently, in the application forregularization dated 31st December, 2015 filed with the municipal authorities, it was stated that the property consisted of a mosque, orphanage school and staff quarters.
The Assessi