https://www.taxtmi.com/caselaws?id=17644 The court held that the assessee was not entitled to exemption under section 54 of the Income-tax Act for capital gains from the sale of a residential flat. The court emphasized that the property must be used for residence as an owner, not merely as an occupant, for two years before the transfer. Since the assessee only purchased the property a little over a year before the sale and did not use it as a residence for two years, the claim for exemption was denied. The court ruled in favor of the Revenue, stating that the assessee was not eligible for the exemption. en-us Thu, 27 Feb 1997 00:00:00 +0530 Wed, 23 Sep 2009 18:03:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17644 The court held that the assessee was not entitled to exemption under section 54 of the Income-tax Act for capital gains from the sale of a residential flat. The court emphasized that the property must be used for residence as an owner, not merely as an occupant, for two years before the transfer. Since the assessee only purchased the property a little over a year before the sale and did not use it as a residence for two years, the claim for exemption was denied. The court ruled in favor of the Revenue, stating that the assessee was not eligible for the exemption. Case-Laws Income Tax Thu, 27 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17644