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Benefit of Sec. 54F exemption couldn’t be denied while clubbing capital gains income of minor

October 14, 2020[2020] 119 taxmann.com 381 (Mumbai - Trib.)
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INCOME TAX : Where assessee-individual, earned long term capital gain along with his minor children on sale of equity shares of a private limited company and assessee explained that said sum was invested in capital gain account scheme for availing exemption under section 54F, exemption of capital gain could not be denied to minors, which was invested in Capital Gain Accounts Scheme (CGAS)

INCOME TAX: Where Assessing Officer denied exemption under section 54F to assessee by taking view that assessee was owner of more than one residential house on date of transfer of shares from which assessee earned LTCG, but there was no clarity about facts whether assessee owned any other residential house or not in order of Assessing Officer, it would be appropriate to restore this issue to file of Assessing Officer to decide issue afresh

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