Section 54/54F exemption not available if house purchased is not for residence of the Assessee

Shri Arunkumar Nathan Vs Asst. Commissioner of Income Tax (ITAT Bangalore) In the case of the assessee two flats were purchased in different localities and undisputedly no connection or nexus with each other then the case of the assessee has to be decided by considering the purpose, objective and scheme of provision as incorporated in the statute. The provision does not restrict the assessee from buying more than one asset but this incentive is provided under Section 54/54F only against the property so purchased or constructed for his residential purpose. Therefore these provisions will apply ...