Woman claims Rs 14.70L home exemption; taxman denies saying she owns many properties, what ITAT said

The Income Tax Department reopened a woman’s assessment for assessment year 2015-16, alleging that she had wrongly claimed a Rs 14.70 lakh deduction under Section 54F of the Income Tax Act.

The Assessing Officer denied the deduction on the ground that she owned more than one residential house apart from the new asset, and assessed her income at Rs 16,70,500.

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Source attribution: Times of India – Business.

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