Exemption under Section 54F denied when taxpayer owns more than the permitted residential houses, disqualifying relief.

Exemption under Section 54F is denied if the assessee owns more than the permitted residential houses at the date of transfer; an exception permits ownership of one existing house plus a house acquired within one year prior to transfer, but ownership of additional houses, particularly where income from them is chargeable under Income from House Property, disqualifies the exemption.

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