https://www.taxtmi.com/caselaws?id=365392 The High Court held that the cost of the new residential house, including the cost of land, is eligible for set-off against capital gain under Section 54 of the Income Tax Act. It emphasized that the provision should be construed liberally and that the cost of land cannot be segregated from the cost of the constructed house property for exemption purposes. The Court ruled in favor of the appellant, allowing the appeal without costs and clarifying that the capital gain should be adjusted against the total cost of the new residential house, including the land. en-us Mon, 06 Aug 2018 00:00:00 +0530 Wed, 11 Mar 2026 14:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=365392 The High Court held that the cost of the new residential house, including the cost of land, is eligible for set-off against capital gain under Section 54 of the Income Tax Act. It emphasized that the provision should be construed liberally and that the cost of land cannot be segregated from the cost of the constructed house property for exemption purposes. The Court ruled in favor of the appellant, allowing the appeal without costs and clarifying that the capital gain should be adjusted against the total cost of the new residential house, including the land. Case-Laws Income Tax Mon, 06 Aug 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=365392