Deeming fiction of Sec. 50C not be considered while computing exemption under Sec. 54

April 21, 2015[2015] 56 taxmann.com 205 (Indore - Trib.)

IT : When a property is acquired by inheritance, cost of acquisition and period of holding of previous owner is to be taken as cost and holding period of assessee

IT : In absence of evidence renovation expenditure could not be allowed as part of cost of acquisition

IT : While allowing deduction under section 54 from long term capital gain, section 50C was not applicable