Exemption u/s. 54F admissible in respect of only one residential property: Delhi HC

Kamla Ajmera Vs PCIT (Delhi High Court) Delhi High Court held that in case of investment in two residential properties, exemption under section 54F of the Income Tax Act is available in respect of only one of the two residential properties. Accordingly, appeal dismissed. Facts- The assessee had inherited a property, after the demise of her husband in 2005, which had been initially purchased in the year 1983. The assessee sold the Plot for ₹77,75,000/- during the AY 2013-14. From its sale proceeds, the assessee purchased two apartments for sale consideration of ₹44,13,775/- and ₹42,39,275...