https://www.taxtmi.com/caselaws?id=58238 The tribunal denied the assessee's claim for exemption from capital gains under section 54 of the Income-tax Act, 1961, as the assessee, who was a tenant before purchasing the property, did not meet the ownership requirement for the specified residence period. Ownership during the residency period was deemed essential for availing the exemption, aligning with the legislative intent to incentivize property reinvestment for residential purposes. Previous tribunal decisions and High Court rulings emphasized the significance of continuous residence for two years preceding the sale to qualify for relief under section 54. en-us Fri, 30 Sep 1983 00:00:00 +0530 Sat, 18 Dec 2010 11:04:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58238 The tribunal denied the assessee's claim for exemption from capital gains under section 54 of the Income-tax Act, 1961, as the assessee, who was a tenant before purchasing the property, did not meet the ownership requirement for the specified residence period. Ownership during the residency period was deemed essential for availing the exemption, aligning with the legislative intent to incentivize property reinvestment for residential purposes. Previous tribunal decisions and High Court rulings emphasized the significance of continuous residence for two years preceding the sale to qualify for relief under section 54. Case-Laws Income Tax Fri, 30 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58238