Section 54F: Vacant land cannot be treated as residential house

Dr. Devika Gunasheela Vs JCIT (ITAT Bangalore) The only basis on which the assessee was denied the benefit of deduction u/s 54F of the Act was that the assessee owned more than two residential houses, other than the new asset on the date of transfer of the original asset. From the order of assessment passed u/s 147 of the Act for assessment year 2011-12 dated 12.10.2015, it is clear that the Dhobi Ghat, Thalgatpura and Nagadevanahalli properties were in fact not residential houses owned by the assessee and that the assessee had only given the lease of vacant land and obtained rent for land and...