Section 54F Exemption Cannot Be Denied for Small or Modest House Construction

Thirumani Vs ACIT (ITAT Chennai) Section 54F Exemption Cannot Be Denied for Small or Modest Construction – Habitable Residential House Is Sufficient The Chennai ITAT held that exemption under Section 54F cannot be denied merely because the constructed residential house is small, modest, or occupies a limited portion of the land. In this case, the assessee claimed deduction under Section 54F after selling a residential property and investing the capital gains in land and construction of a single-storied house with two rooms and a kitchen. The Assessing Officer disallowed the claim based large...