Capital gains exemption under section 54 limited to individuals; Hindu Undivided Families are not eligible for the relief. The instruction clarifies that the capital gains exemption for transfer of a residential house under section 54 is limited to the individual assessee who personally used the property for residence and satisfied the statutory purchase or construction time limits; the phrase referring to use 'by the assessee or a parent of his family for purpose of his or the parents' own residence' cannot be read to extend the relief to Hindu Undivided Families.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Capital gains exemption under section 54 limited to individuals; Hindu Undivided Families are not eligible for the relief.
The instruction clarifies that the capital gains exemption for transfer of a residential house under section 54 is limited to the individual assessee who personally used the property for residence and satisfied the statutory purchase or construction time limits; the phrase referring to use "by the assessee or a parent of his family for purpose of his or the parents' own residence" cannot be read to extend the relief to Hindu Undivided Families.
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