https://www.taxtmi.com/caselaws?id=762685 Delhi HC upheld ITAT's decision restricting Section 54F LTCG exemption to only one flat where assessee purchased two separate flats on different floors at diagonally opposite ends of same tower. Court held that "a residential house" in Section 54F refers to singular unit, not multiple units. Legislature's use of "a new asset" and "a residential house" indicates single entity. Two non-adjacent flats incapable of structural connection don't qualify as one residential house. Exemption granted for one flat only, decided in favor of revenue. en-us Tue, 03 Dec 2024 00:00:00 +0530 Wed, 04 Dec 2024 11:07:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=762685 Delhi HC upheld ITAT's decision restricting Section 54F LTCG exemption to only one flat where assessee purchased two separate flats on different floors at diagonally opposite ends of same tower. Court held that "a residential house" in Section 54F refers to singular unit, not multiple units. Legislature's use of "a new asset" and "a residential house" indicates single entity. Two non-adjacent flats incapable of structural connection don't qualify as one residential house. Exemption granted for one flat only, decided in favor of revenue. Case-Laws Income Tax Tue, 03 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=762685