Income-tax exemption for specified regulatory fees and government grants applies subject to non-commercial activity and continuing compliance conditio...
Digital accessibility audit and remediation deadlines extended, while all other disability-compliance obligations for regulated entities remain unchan...
The High Court held that the phrase 'a residential house' in Section 54F of the Income Tax Act should be interpreted strictly to mean a single residential unit. The assessee was not entitled to claim exemption u/s 54F for investing in two separate flats located on different floors and at diagonally opposite ends, despite being in the same tower. The word 'a' denotes singular and not plural. The intent of the legislature was to grant exemption for investment in one residential house, not multiple residential units. However, the Court clarified that in certain cases where floors or houses are constructed to be used as one singular unit, they may qualify as 'a residential house' u/s 54F.
The High Court held that the phrase 'a residential house' in Section 54F of the Income Tax Act should be interpreted strictly to mean a single residential unit. The assessee was not entitled to claim exemption u/s 54F for investing in two separate flats located on different floors and at diagonally opposite ends, despite being in the same tower. The word 'a' denotes singular and not plural. The intent of the legislature was to grant exemption for investment in one residential house, not multiple residential units. However, the Court clarified that in certain cases where floors or houses are constructed to be used as one singular unit, they may qualify as 'a residential house' u/s 54F.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4788
Join Channel
TaxTMI 
