https://www.taxtmi.com/caselaws?id=310842 The ITAT Delhi ruled against the assessee's claim for exemption under section 54-F for capital gains on flat sale when acquiring two houses. The tribunal held that exemption against acquisition of two houses is not admissible under plain statutory language, following Punjab and Haryana HC precedent. However, the tribunal accepted that the property belonged to an individual rather than HUF, citing evidence and precedent that self-acquired property bequeathed by will constitutes individual property. The assessment was modified to reflect individual status instead of HUF category. en-us Thu, 30 Oct 2014 00:00:00 +0530 Tue, 21 Nov 2023 20:41:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=310842 The ITAT Delhi ruled against the assessee's claim for exemption under section 54-F for capital gains on flat sale when acquiring two houses. The tribunal held that exemption against acquisition of two houses is not admissible under plain statutory language, following Punjab and Haryana HC precedent. However, the tribunal accepted that the property belonged to an individual rather than HUF, citing evidence and precedent that self-acquired property bequeathed by will constitutes individual property. The assessment was modified to reflect individual status instead of HUF category. Case-Laws Income Tax Thu, 30 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=310842