HUF cannot be denied Section 54F exemption for Purchasing Multiple residential units

Ravi Jain Vs ACIT (ITAT Delhi) The Hon’ble high court of Karnataka unequivocally held that the contention of the Revenue is that the phrase “a” residential house would mean one residential house and it does not appear to the correct understanding. The expression “a” residential house should be understood in a sense that building should be of residential in nature and “a” should not be understood to indicate a singular number. The combined reading of ss. 54(1) and 54F of the IT Act discloses that, a non-residential building can be sold, the capital gain of ...