2004 (9) TMI 73

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....e-tax Appellate Tribunal was justified in holding that section 54 applies exclusively to individuals only and not to Hindu undivided families, particularly when the Finance Act, 1982 made a change in the law with regard to the applicability of section 54 to individuals with effect from April 1, 1983?" The assessee, a Hindu undivided family (HUF) had a residential house at Swank Mandi, Amritsar. In April, 1975, it purchased another house at Dhab Khatikan at Amritsar and shifted into the same soon after the purchase. The old house at Swank Mandi was sold in February, 1976 for a sum of Rs. 40,000. The Income-tax Officer worked out a capital gain of Rs. 29,475 which was charged to income-tax for the assessment year 1976-77. The assessee did ....

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....sions of section 53 are not applicable, being buildings or lands appurtenant thereto the income of which is chargeable under the head 'Income from house property' which in the two years immediately preceding the date on which the transfer took place, was being used by the assessee or a parent of his mainly for the purposes of his own or the parent's own residence, and the assessee has within a period of one year before or after that date purchased, or has within a period of two years after that date constructed, a house property for the purposes of his own residence, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the fol....