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<h1>Residence Requirement for Income Tax Exemption Clarified by High Court</h1> The High Court of Madras ruled that an unbroken two-year period of residence is necessary to claim exemption under section 54 of the Income-tax Act, ... Capital Gains, Exemptions The High Court of Madras held that for claiming exemption under section 54 of the Income-tax Act, an unbroken or continuous period of two years of residence is necessary. The court disagreed with the Income-tax Appellate Tribunal's view that such continuous residence is not required. The court cited previous decisions supporting their opinion and ruled in favor of the Revenue. (Case citation: 1984 (4) TMI 9 - MADRAS High Court)
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