Exemption u/s 54 of Income Tax Act includes more than one residential house

Smt. Parthiban Kalavathi Vs ACIT (ITAT Chennai)

ITAT Chennai held that capital gain exemption under section 54 of the Income Tax Act includes investment in purchase or construction of one or more than one residential house

Facts- The assessee sold a plot of land to a builder by entering into an agreement of sale dated 11.02.2013 by entrusting by way of GPA to the sale 10832 Sq.ft. of land fully developed on her behalf and in return, the assessee withheld fully developed land of 3973 Sq.ft. The assesse

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