https://www.taxtmi.com/caselaws?id=8841 A registered firm may be treated as the owner of partnership property for income-tax purposes and can realise taxable capital gains on its sale. The residential house exemption under section 54(i) is available only to the assessee whose own capital gain is taxed and who satisfies the statutory reinvestment conditions, so a partner cannot claim it where the gain accrued to the firm. For assessment year 1967-68, a registered firm chargeable to capital gains was not entitled to the basic exemption of Rs. 25,000 under the Finance (No. 2) Act, 1967, because the special capital-gains rate provisions governed the computation. en-us Thu, 17 Aug 1972 00:00:00 +0530 Tue, 16 Jun 2009 11:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8841 A registered firm may be treated as the owner of partnership property for income-tax purposes and can realise taxable capital gains on its sale. The residential house exemption under section 54(i) is available only to the assessee whose own capital gain is taxed and who satisfies the statutory reinvestment conditions, so a partner cannot claim it where the gain accrued to the firm. For assessment year 1967-68, a registered firm chargeable to capital gains was not entitled to the basic exemption of Rs. 25,000 under the Finance (No. 2) Act, 1967, because the special capital-gains rate provisions governed the computation. Case-Laws Income Tax Thu, 17 Aug 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8841