https://www.taxtmi.com/caselaws?id=470665 Section 54 exemption may apply to investment in two connected floors forming one residential property; separate physical configuration or independent usability does not by itself make them distinct houses. The notes state that both floors should qualify as a residential house for capital-gains exemption. They also state that regularisation-fee payments and acknowledged conversion into a three-storeyed built-up house evidence improvements, supporting deduction of the related cost of improvement when computing long-term capital gains. Accordingly, the capital-gains computation should allow both the residential-house exemption and the substantiated improvement cost. 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 may apply to investment in two connected floors forming one residential property; separate physical configuration or independent usability does not by itself make them distinct houses. The notes state that both floors should qualify as a residential house for capital-gains exemption. They also state that regularisation-fee payments and acknowledged conversion into a three-storeyed built-up house evidence improvements, supporting deduction of the related cost of improvement when computing long-term capital gains. Accordingly, the capital-gains computation should allow both the residential-house exemption and the substantiated improvement cost. Case-Laws Income Tax Wed, 24 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470665