https://www.taxtmi.com/caselaws?id=414298 Section 54F exemption was denied because, on the date of purchase of the new asset, the assessee was already holding more than one residential house through a registered joint development arrangement and other house property interests. Although 24 residential units had been allotted under the agreement, several flats had already been sold and six units remained unsold when the new property was acquired, so the statutory condition that the assessee should not own more than one residential house on the relevant date was not met. The plea based on section 53A of the Transfer of Property Act, 1882 did not alter that result. The disallowance was therefore sustained. en-us Mon, 11 Oct 2021 00:00:00 +0530 Tue, 02 Nov 2021 09:28:15 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414298 Section 54F exemption was denied because, on the date of purchase of the new asset, the assessee was already holding more than one residential house through a registered joint development arrangement and other house property interests. Although 24 residential units had been allotted under the agreement, several flats had already been sold and six units remained unsold when the new property was acquired, so the statutory condition that the assessee should not own more than one residential house on the relevant date was not met. The plea based on section 53A of the Transfer of Property Act, 1882 did not alter that result. The disallowance was therefore sustained. Case-Laws Income Tax Mon, 11 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414298