https://www.taxtmi.com/caselaws?id=234453 The HC held that the assessee is entitled to exemption under section 54 for capital gains arising from the sale of property on the purchase of two residential flats, despite them being acquired through separate sale deeds from different vendors. The court relied on precedent establishing that "a residential house" under section 54(1) refers to a building of residential nature and not necessarily a singular unit. Since the two flats were adjacent and modified by the builder to function as one unit, the exemption applies to both. The AO's restriction of the deduction to only one flat was overturned, and the exemption was allowed in favor of the assessee. en-us Thu, 20 Dec 2012 00:00:00 +0530 Thu, 07 Aug 2025 16:07:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=234453 The HC held that the assessee is entitled to exemption under section 54 for capital gains arising from the sale of property on the purchase of two residential flats, despite them being acquired through separate sale deeds from different vendors. The court relied on precedent establishing that "a residential house" under section 54(1) refers to a building of residential nature and not necessarily a singular unit. Since the two flats were adjacent and modified by the builder to function as one unit, the exemption applies to both. The AO's restriction of the deduction to only one flat was overturned, and the exemption was allowed in favor of the assessee. Case-Laws Income Tax Thu, 20 Dec 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=234453