No Section 54 Exemption for Plywood Structures: Delhi HC

Sandeep Hooda Vs PCIT (Delhi High Court) Delhi High Court held that putting together a structure of plywood sheets cannot be construed as constructing a residential house for claiming exemption under section 54 of the Income Tax Act. Accordingly, appeal dismissed. Facts- The appellant had sold a residential property on 25.09.2014, for a consideration of ₹6,88,00,000/- and had earned a capital gain of ₹5,63,74,550/-. However, the assessee claimed exemption in respect of the said gains on the ground that he had constructed ‘a residential house’ within a period of three years. Therefore, ...