Karnataka HC allows Section 54 exemption for investments in multiple residential properties

Arun K Thiagarajan Vs CIT (Appeals) (Karnataka High Court) In the case of Arun K Thiagarajan vs. CIT (Appeals), the Karnataka High Court addressed an appeal under Section 260A of the Income Tax Act, 1961, pertaining to the assessment year 2003-04. The appeal was admitted based on the substantial question of law regarding the entitlement of the assessee to claim exemption under Section 54 of the Act, despite purchasing more than one house. The factual background of the case involved the assessee selling a residential property in Chennai and claiming exemption under Section 54 for investments ma...