Wednesday 2 September 2015

'Gair mumking shed' is residential house; capital gain arises on its sale is eligible for sec. 54 re

IT : Assessee was entitled to exemption under section 54 in respect of long-term capital gain on sale of a farm house which in revenue records was mentioned as 'gairmumkin shed and house' and income from letting out a portion thereof was assessed as income from house property

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