1993 (10) TMI 46

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....e Income-tax Act, 1961, is not referable to a Hindu undivided family and, consequently, the benefit contemplated by section 54(1) as allowed by the Commissioner of Income-tax (Appeals) is not available to the assessee-Hindu undivided family ?" The brief facts of the case are that the assessee is a Hindu undivided family and has shown capital gains on the sale of the property known as 'Vinay Champa'. It was contended by the assessee that the construction of another building was made within a period of two years of the sale of the building and, therefore, the benefit of the provisions of section 54 has to be given to it. The Income-tax Officer declined to give the benefit of section 54(1) to the assessee. On appeal before the Commission....

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....einafter in this section referred to as the original asset), 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 following provisions of this section, that is to say. . . ." The exemption has been granted if the construction is made within a period of two years but the point which has to be seen is to whom the exemption is available. The words "assessee" or a "parent of his" cannot be interpreted to include a Hindu ....