exemption u/sec. 54F

The following judgemnt may be of help in this regard, viz;

"where an assessee purchases ground floor of a house and later, when vendor builds first floor the assessee purchases the first floor by a seperte sale deed, the assessing authority is not justified in disallowing the assessee's claim for exemption of a capital gains on ground that ground floor and first floor constitute two residential houses and, therefore, provisions of a Sec.54F(2) are attracted.."-

 - Hansa Bai Sanghi v. ITO [2004] 89 ITD 239 (Hyd.)

Hi Anitha,

I would like to draw ur attention to below landmark judgement.

Thanks and regards

Juzer

DEAR ANITHA,

 BOTH ASHISH AND JUZER ARE CORRECT ON THEIR CASE LAWS COZ THE FACTS AND CIRCUMSTANCE IN BOTH THE CASE LAWS ARE MUTUALLY INDEPENDENT AND EXCLUSIVE AND ARE FULLY RESOLVING YOUR QUERY.

REGARDS,

CA RITESH KOTHARI