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 preced

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