https://www.taxtmi.com/caselaws?id=216961 Section 54 exemption requires capital gains to be invested in the purchase or construction of a new residential house acquired by the assessee as owner. A perpetual tenancy or leasehold interest does not satisfy that test, because it confers only limited rights of use and occupation while ownership remains restricted. Provisions deeming certain leasehold interests as ownership for house-property taxation apply only to computation under the head income from house property and do not extend to section 54. The exemption provision was construed strictly, and the claim was disallowed. en-us Fri, 21 Sep 2012 00:00:00 +0530 Wed, 30 Oct 2013 17:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216961 Section 54 exemption requires capital gains to be invested in the purchase or construction of a new residential house acquired by the assessee as owner. A perpetual tenancy or leasehold interest does not satisfy that test, because it confers only limited rights of use and occupation while ownership remains restricted. Provisions deeming certain leasehold interests as ownership for house-property taxation apply only to computation under the head income from house property and do not extend to section 54. The exemption provision was construed strictly, and the claim was disallowed. Case-Laws Income Tax Fri, 21 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216961