Private Trusts eligible for Section 54F Exemption
•Merilina Foundation (‘the Assessee’), is a private trust created for the benefit of certain identified beneficiaries.
•During Assessment Year 2011-12, the Assessee had earned long-term capital gains on sale of flats.
•The Assessee thereafter purchased a new residential house property out of the sales proceeds and claimed exemption under Section 54F of the Income-tax Act, 1961 (‘the Act’).