https://www.taxtmi.com/caselaws?id=39733 The High Court held that the assessee was not entitled to exemption under section 54 of the Income-tax Act for long-term capital gains from the sale of her house property in Bombay. The Court agreed with the Tribunal that the property was not mainly used for the assessee's own residence as it was leased to her husband, making it primarily his residence. Therefore, the assessee did not meet the conditions for exemption under section 54. The Court ruled in favor of the department, directing each party to bear their own costs in the reference. en-us Thu, 06 Mar 1975 00:00:00 +0530 Tue, 20 Apr 2010 10:14:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39733 The High Court held that the assessee was not entitled to exemption under section 54 of the Income-tax Act for long-term capital gains from the sale of her house property in Bombay. The Court agreed with the Tribunal that the property was not mainly used for the assessee's own residence as it was leased to her husband, making it primarily his residence. Therefore, the assessee did not meet the conditions for exemption under section 54. The Court ruled in favor of the department, directing each party to bear their own costs in the reference. Case-Laws Income Tax Thu, 06 Mar 1975 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39733