Section 54F exemption cannot be availed if there is a house in existence on the date of transfer

RELEVANT PARAGRAPH Per M.K.Chaturvedi (Vice-President) : This appeal came before me as a Third Member to express my opinion on the following question:- “Whether, in view of facts and circumstances, exemption under section 54F of Income Tax Act, 1961 could be allowed to assessee or not?” 2. I have heard the rival submissions in the light of material placed before me and the precedents relied upon. The assessee got share in the house property, as per the WILL of his father He became the joint owner of the property along with his brother. After becoming the joint owner of the said pro...