https://www.taxtmi.com/caselaws?id=445755 ITAT Cuttack denied exemption under section 54F to assessee who owned two residential properties at the beginning of the transfer date. Though assessee gifted one property to sister on the same date as asset transfer, the Tribunal held that "on the date of transfer" means any time during that date, not just the end. Since assessee owned multiple residential houses at the start of the transfer date, the exemption was properly denied by AO and CIT(A). Appeal dismissed. en-us Wed, 15 Nov 2023 00:00:00 +0530 Sat, 18 Nov 2023 08:40:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445755 ITAT Cuttack denied exemption under section 54F to assessee who owned two residential properties at the beginning of the transfer date. Though assessee gifted one property to sister on the same date as asset transfer, the Tribunal held that "on the date of transfer" means any time during that date, not just the end. Since assessee owned multiple residential houses at the start of the transfer date, the exemption was properly denied by AO and CIT(A). Appeal dismissed. Case-Laws Income Tax Wed, 15 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445755