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The Economic Times
The Economic Times
Neelanjit Das

Man was denied Section 54F income tax exemption as builder delayed villa construction by 4 years; Telangana HC grants relief, says taxpayer can't suffer for builder's fault

Tax Exemption Income Tax Suresh Surana The Telangana High Court Be capital gains Telangana High Court the Assessing Officer ET Wealth Online Income Tax Department

Mr Mettu from Hyderabad, India along with 45 others owned 4.505 acres of land in Serlingampally Mandal, Rangareddy district, and they decided to sign a deal with a builder in 2016 for its development. The agreement was to build villas worth Rs 43.61 crore on this land, with the landowners getting 47.25% and the builder 52.75% of the shares in the project.

Since Mettu was one of the 46 owners, his share was 1/46th of the share of the owners, which means he was supposed to receive a villa measuring 250 square yards on this 4.505 acres of land. According to the JDA, Mettu was supposed to receive the villa by 2019 but it only came through in 2023. Additionally, Mettu didn't file any income tax return (ITR) but planned to claim a Section 54 tax exemption once he got the villa.

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