9911796707
TMI Blog2023 (9) TMI 690X X X X Extracts X X X X X X X X Extracts X X X X ..... a residential property - scope of amendment - HELD THAT:- We are of the view that the amendment in the provisions of s. 54(1) replacing the word a residential house by one residential house was brought in Finance (No.2) Act, 2014 w.e.f 01.04.2014 and will apply for A.Y 2015-16. The relevant assessment year before us is 2013-14 and hence, the assessee is eligible for claim of deduction u/s. 54F of the Act, though there may be multiple units. Accordingly, the appeal of the Revenue is dismissed. - Shri V. Durga Rao, Judicial Member And Shri Manoj Kumar Aggarwal, Accountant Member For the Appellant : Shri AR V Sreenivasan, Addl. CIT For the Respondent : Shri D. Anand, Advocate ORDER PER V. DURGA RAO, JUDICIAL MEMBER ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eration is to decide whether the assessee was having one property or two properties at the time of transfer of capital assets. 3. Facts, are in brief, that the assessee sold his ancestral land at Muttukkadu village, Tiruporur TK on 22.02.2013 for ₹.6,45,10,000/-. On 07.022013, the assessee purchased a residential house at Padur village, Tiruporur TK for ₹.3,21,37,462/-. On 09.07.2012, the assessee also bought a vacant land at No. 6, Ganesh Nagar, Sholinganallur for ₹.24 lakhs. That part, the assessee was also having a commercial property let out for hospital. When the assessee sold property on 22.02.2013, according to the Department, the assessee was having two house properties i.e., one purchased on 09.07.2012 being va ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sh Nagar, Sholinganallur is only vacant property and it cannot be said as house property and therefore, the assessee is entitled to claim deduction under section 54F of the Act. Thus, the grounds of appeal in ground Nos. 2.1 to 2.4 are dismissed. 7. So far as assessee s entitlement for benefit under section 54F of the Act for more than one property, the observations of the ITAT in its order dated 21.10.2022 are reproduced as under for the sake of convenience: 6. We have heard both the sides, perused the material available on record and gone through the facts and circumstances of the case. Before us, the Ld. counsel for the assessee first of all stated that Plot No.6 at Ganesh Nagar is a vacant plot and not a house. He stated that the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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