The Times of India

Sold commercial units & bought 2 flats, taxman denies Rs 2.5 crore relief on one - what ITAT said

A man sold six commercial units in Mumbai and the sales generated long-term capital gains of around Rs 5 crore. He claimed a deduction of the same amount under Section 54F after investing in residential property. For this purpose, he purchased two flats in Wing A of a building but on separate floors. Agreements for both flats were executed and registered on the same date.