IMPORTANT DECISION BY KARNATAKA HIGH COURT : CAPITAL GAIN Sec. 54 of Income Tax Act, 1961 relief allowed as two houses were acquired instead of one big house to avoid disharmony among children. IT: Expression a residential house used in section 54 doesnt refer to a single residential house; it permits use of plural - The assessee was not attempting to evade tax when instead of one big house, assessee chose to purchase two small residential houses (out of the sales consideration) for his two sons to avoid litigation or disharmony amongst brothers - Therefore, the assessee was entitled to exemption under sec. 54 in respect of acquisition of two residential houses - Held, yes [2014] 43 taxmann 143 (Karnataka) HIGH COURT OF KARNATAKA Commissioner of Income-tax v. Khoobchand M. Makhija N. KUMAR AND MRS. RATHNAKALA, JJ. IT APPEAL NOS. 496 & 516 OF 2007 DECEMBER 18, 2013
Posted on: Thu, 13 Mar 2014 17:57:41 +0000
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