https://www.taxtmi.com/caselaws?id=341150 Section 54F exemption was available, before its amendment, for multiple residential flats received under a single joint development agreement where they formed part of the same project and location. Letting the flats to an educational institution for student accommodation did not convert them into commercial property; the sanctioned residential character, rather than the tenant's business, was decisive. Full exemption therefore applied to all flats, making valuation and capital-gains computation disputes immaterial to the taxable outcome. The Section 54F deduction also had to be given effect before clubbing minors' income. The assessee's full relief was sustained and the revenue's challenge failed. en-us Tue, 28 Mar 2017 00:00:00 +0530 Mon, 03 Apr 2017 07:28:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=341150 Section 54F exemption was available, before its amendment, for multiple residential flats received under a single joint development agreement where they formed part of the same project and location. Letting the flats to an educational institution for student accommodation did not convert them into commercial property; the sanctioned residential character, rather than the tenant's business, was decisive. Full exemption therefore applied to all flats, making valuation and capital-gains computation disputes immaterial to the taxable outcome. The Section 54F deduction also had to be given effect before clubbing minors' income. The assessee's full relief was sustained and the revenue's challenge failed. Case-Laws Income Tax Tue, 28 Mar 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=341150