Section 54F deduction restricted to only one residential property

Late Susan Cherian Vs ITO (ITAT Bangalore) The issue under consideration is whether the capital gain deduction benefit is restricted to only one residential property under section 54F of the Income Tax Act? In the present case, as per JDA registered on 23/05/2005, assessee received 35% of total built up area, i.e, 35% of apartments constructed along with 35% of car parking and 35% of terrace and garden rights earmarked for private use as against common use in consideration for transferring 65% of undivided interest. Assessee claimed exemption under section 54F on the value of the 35% of constr...