https://www.taxtmi.com/caselaws?id=197921 The assessee's claim for exemption under section 54 of the Income-tax Act, 1961 for acquiring two residential properties was disallowed by the Assessing Officer and upheld by the CIT(Appeals). The Tribunal affirmed that exemption under section 54 could only be granted for one residential property and not for multiple geographically separate properties. Citing precedents, the Tribunal emphasized that the physical structuring of the house should not impact the exemption if it is for residential use, but in this case, the properties could not be joined to form a single residential house. The appeal was dismissed, and the decision was pronounced in Chennai on July 4, 2013. en-us Thu, 04 Jul 2013 00:00:00 +0530 Thu, 18 Jan 2018 10:17:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=197921 The assessee's claim for exemption under section 54 of the Income-tax Act, 1961 for acquiring two residential properties was disallowed by the Assessing Officer and upheld by the CIT(Appeals). The Tribunal affirmed that exemption under section 54 could only be granted for one residential property and not for multiple geographically separate properties. Citing precedents, the Tribunal emphasized that the physical structuring of the house should not impact the exemption if it is for residential use, but in this case, the properties could not be joined to form a single residential house. The appeal was dismissed, and the decision was pronounced in Chennai on July 4, 2013. Case-Laws Income Tax Thu, 04 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=197921