https://www.taxtmi.com/caselaws?id=58556 Section 54(1) allows exemption where the original asset was used mainly for the assessee's own residence in the two years immediately preceding transfer, and that residential use need not be in the capacity of owner. Residence as a tenant also satisfies the statutory condition if the other requirements are met. On the stated facts, continuous occupation of the flat since 1972, first as tenant and later as owner, fulfilled the residential-use requirement, so the exemption was available. en-us Wed, 29 Feb 1984 00:00:00 +0530 Mon, 20 Dec 2010 15:53:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58556 Section 54(1) allows exemption where the original asset was used mainly for the assessee's own residence in the two years immediately preceding transfer, and that residential use need not be in the capacity of owner. Residence as a tenant also satisfies the statutory condition if the other requirements are met. On the stated facts, continuous occupation of the flat since 1972, first as tenant and later as owner, fulfilled the residential-use requirement, so the exemption was available. Case-Laws Income Tax Wed, 29 Feb 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58556