https://www.taxtmi.com/caselaws?id=791245 Exemption under section 54F of the Income-tax Act cannot be denied solely because the residential property was purchased from related family members, if the transaction is genuine and supported by registered documents and corroborative evidence. The assessee's purchase was backed by developer confirmation, demat records, maintenance bills and electricity records, while the Revenue relied only on surrounding circumstances such as family relationship, use of a power of attorney and an allegation that the sellers continued to reside in the property. On the record discussed, those did not establish any legal infirmity, and a colourable device allegation requires cogent evidence rather than suspicion. en-us Thu, 09 Apr 2026 00:00:00 +0530 Fri, 08 May 2026 07:29:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791245 Exemption under section 54F of the Income-tax Act cannot be denied solely because the residential property was purchased from related family members, if the transaction is genuine and supported by registered documents and corroborative evidence. The assessee's purchase was backed by developer confirmation, demat records, maintenance bills and electricity records, while the Revenue relied only on surrounding circumstances such as family relationship, use of a power of attorney and an allegation that the sellers continued to reside in the property. On the record discussed, those did not establish any legal infirmity, and a colourable device allegation requires cogent evidence rather than suspicion. Case-Laws Income Tax Thu, 09 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791245