Exemption U/s 54/54F eligible on Basement forming part of residential house

ACIT v. Shrey Sharma Guleri (ITAT Mumbai)

The argument of the learned D.R. is that the basement in the house cannot be termed as a residential house within the provisions of section 54 of the Act. On the other hand, the ld. counsel for the assessee defended the conclusion drawn in the impugned order. It was pleaded that basement is part and parcel of the residential unit, therefore, it cannot be termed as a separate unit.

We have considered the rival submissions and perused the material available on record. We have already discuss

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