https://www.taxtmi.com/caselaws?id=28400 The High Court held that Hindu Undivided Families (HUFs) are not eligible for exemption of capital gain under section 54(1) of the Income-tax Act, 1961. The court emphasized that the exemption is intended for individuals or their parents' residence, and an HUF, being a distinct taxable entity, does not qualify as an individual under the provision. The court referred to legislative amendments and precedent to support its ruling, ultimately denying the HUF's claim for exemption and directing each party to bear their own costs. en-us Tue, 02 Aug 1983 00:00:00 +0530 Mon, 22 Feb 2010 12:34:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28400 The High Court held that Hindu Undivided Families (HUFs) are not eligible for exemption of capital gain under section 54(1) of the Income-tax Act, 1961. The court emphasized that the exemption is intended for individuals or their parents' residence, and an HUF, being a distinct taxable entity, does not qualify as an individual under the provision. The court referred to legislative amendments and precedent to support its ruling, ultimately denying the HUF's claim for exemption and directing each party to bear their own costs. Case-Laws Income Tax Tue, 02 Aug 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28400