Wednesday, 12 March 2014

Sec. 54 relief allowed as two houses were acquired instead of one big house to avoid disharmony amon

IT: Expression 'a residential house' used in section 54 doesn't refer to a single residential house; it permits use of plural - The assessee was not attempting to evade tax when instead of one big house, assessee chose to purchase two small residential houses (out of the sales consideration) for his two sons to avoid litigation or disharmony amongst brothers - Therefore, the assessee was entitled to exemption under sec. 54 in respect of acquisition of two residential houses - Held, yes


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