https://www.taxtmi.com/highlights?id=96060 Assessee's entitlement to exemption under s.54F: (1) Whether assessee owned more than one residential house-AO's finding that a vacant/industrial land with leased factory constituted a residential house was factually erroneous; land at 13 BT Road was non-residential and excluded from proviso sub-clause (i), therefore no disqualification - exemption allowed on this point. (2) Whether jointly held family property precluded s.54F - joint co-ownership meant the proviso's exclusivity test was not satisfied and did not bar the claim - exemption allowed. (3) Whether use of sale proceeds/colourable device/clubbing u/s 64 applied - no requirement to directly deploy sale proceeds; gift/clubbing allegation rejected on facts and cultural motive; exemption upheld. - ITAT en-us Thu, 15 Jan 2026 18:09:25 +0530 Thu, 15 Jan 2026 18:09:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=96060 Assessee's entitlement to exemption under s.54F: (1) Whether assessee owned more than one residential house-AO's finding that a vacant/industrial land with leased factory constituted a residential house was factually erroneous; land at 13 BT Road was non-residential and excluded from proviso sub-clause (i), therefore no disqualification - exemption allowed on this point. (2) Whether jointly held family property precluded s.54F - joint co-ownership meant the proviso's exclusivity test was not satisfied and did not bar the claim - exemption allowed. (3) Whether use of sale proceeds/colourable device/clubbing u/s 64 applied - no requirement to directly deploy sale proceeds; gift/clubbing allegation rejected on facts and cultural motive; exemption upheld. - ITAT Highlights Income Tax Thu, 15 Jan 2026 18:09:25 +0530 https://www.taxtmi.com/highlights?id=96060