https://www.taxtmi.com/highlights?id=100334 Civil and electrical works incurred to render a newly acquired residential flat habitable were treated as allowable cost of improvement because the record showed the flat was not habitable on purchase, and the ad hoc restriction of the claim was unsustainable. Under the unamended section 54, deduction could not be denied merely because the capital gain was invested in more than one residential house, as the single-house restriction applied only prospectively from 1 April 2015. The unspent amount deposited in the Capital Gains Account Scheme under section 54(2) was also not taxable in the assessment year, since any disallowance could arise only after expiry of the prescribed three-year period. en-us Mon, 01 Jun 2026 08:25:53 +0530 Mon, 01 Jun 2026 08:25:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=100334 Civil and electrical works incurred to render a newly acquired residential flat habitable were treated as allowable cost of improvement because the record showed the flat was not habitable on purchase, and the ad hoc restriction of the claim was unsustainable. Under the unamended section 54, deduction could not be denied merely because the capital gain was invested in more than one residential house, as the single-house restriction applied only prospectively from 1 April 2015. The unspent amount deposited in the Capital Gains Account Scheme under section 54(2) was also not taxable in the assessment year, since any disallowance could arise only after expiry of the prescribed three-year period. Highlights Income Tax Mon, 01 Jun 2026 08:25:53 +0530 https://www.taxtmi.com/highlights?id=100334