https://www.taxtmi.com/caselaws?id=470665 Section 54 exemption applies to investment in a residential house even where the acquired property comprises two connected and independently usable floors, provided they form one residential building. Separate physical configuration or usability alone does not make the floors distinct houses for capital-gains purposes. The exemption was therefore allowable for investment in both floors. Cost of improvement was also deductible in computing long-term capital gains because payment of regularisation fees and transformation into a three-storeyed built-up house evidenced that improvements had been made; the claimed expenditure received the benefit of doubt. en-us Wed, 24 Jul 2024 00:00:00 +0530 Tue, 04 Aug 2026 10:32:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470665 Section 54 exemption applies to investment in a residential house even where the acquired property comprises two connected and independently usable floors, provided they form one residential building. Separate physical configuration or usability alone does not make the floors distinct houses for capital-gains purposes. The exemption was therefore allowable for investment in both floors. Cost of improvement was also deductible in computing long-term capital gains because payment of regularisation fees and transformation into a three-storeyed built-up house evidenced that improvements had been made; the claimed expenditure received the benefit of doubt. Case-Laws Income Tax Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470665