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TMI Blog2022 (2) TMI 119X X X X Extracts X X X X X X X X Extracts X X X X ..... Since these two units are adjacent to each other and meant for use as a single property, mandate of the substituted provision, being, one residential house, is still also satisfied. The view point of the ld. CIT(A) that the amendment carried out to section 54F w.e.f. 01-04-2015 has changed the legal position, is albeit factually correct, but, in the given facts, even the amended provision com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the house purchased by the assessee. 3. Succinctly, the facts of the case are that the assessee transferred certain property resulting into long term capital gain of ₹ 34,04,962/-. The assessee invested sale consideration into purchase of two Flats, numbering, 1101 and 1102 at Malad, Mumbai with total consideration of ₹ 1.26 crore. Exemption u/s.54F was claimed for the said two f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that these were adjacent flats, which the assessee claimed to have purchased for use in a consolidated manner as one residential house. Section 54F of the Act, prior to substitution by the Finance Act No.2 of 2014 w.e.f. 01-04-2015, stated that the exemption will be available where the assessee has constructed, a residential house . Various judicial forums, taking into consideration the relevan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amendment carried out to section 54F w.e.f. 01-04-2015 has changed the legal position, is albeit factually correct, but, in the given facts, even the amended provision comes to the rescue of the assessee inasmuch as the assessee acquired one residential house only comprising of two flats. In view of the foregoing reasons, I am satisfied that the assessee deserves exemption u/s.54F on second unit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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