Mumbai ITAT allows tax relief where two flats were purchased and used as a single home

The Mumbai Income Tax Appellate Tribunal has granted capital gains tax relief to a taxpayer who purchased two adjoining flats and used them as a single residential property. The tribunal held that the taxpayer’s intention to combine the two units into one residence was relevant while considering eligibility for exemption under Section 54 of the Income Tax Act. The ruling provides clarity for property owners who acquire adjoining apartments as part of a single housing requirement and subsequently use them as one home. It also highlights the importance of establishing the actual residential use and intention behind such property purchases.

This disclaimer ("Disclaimer") is applicable to the entire Site. Upon entering the Site it is recommended that you immediately read the Terms and Conditions and Privacy Policy listed therein. Your continued usage of this Site will indicate your unconditional acceptance of the said Terms and Conditions and Privacy Policy. You hereby agree that Prop News Time reserves the right to modify at any time, the Terms and Conditions and Privacy Policy governing this Site without prior notification. Your usage of the Site implies that you will be bound by any such modification. You agree and acknowledge that it is your responsibility to periodically visit the Site and stay updated with the Terms and Conditions and Privacy Policy of the Website.