Exemption under Section 54 - Assessee had purchased more than ...

Section 54 Amendment Clarifies "A Residential House" as Singular, Limiting Income Tax Exemption to One Property.

June 22, 2020

Case Laws Income Tax HC

Exemption under Section 54 - Assessee had purchased more than two houses - Subsequent amendment of Section 54(1) also fortifies the fact that the legislature felt the need of amending the provisions of the Act with a view to give a definite meaning to the expression 'a residential house', which was interpreted as plural by various courts by taking into account the context in which the aforesaid expression was used.

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Exemption under Section 54 - Assessee had purchased more than ...

Section 54 Amendment Clarifies "A Residential House" as Singular, Limiting Income Tax Exemption to One Property.

June 22, 2020

Case Laws Income Tax HC

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