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2011 (1) TMI 551 - KARNATAKA HIGH COURTExemption under sections 54 and 54F - The Assessing Officer held that the assessee was already an owner of a residential flat at Bombay and she has purchased two flats out of the sale proceeds - The fact that the assessee could have purchased both the flats in one single sale deed or could not have narrated the purchase of two premises as one unit in the sale deed could not have made any difference - An asset newly acquired after the sale of the original asset can also be buildings or lands appurtenant thereto, which also should be ‘a residential house - The evidence on record also discloses that the two units are situated side by side, modification were made, the door was opened making it as a single unit and the consideration received from the sale of the residential unit is utilised to purchase these residential units and therefore, the assessee is entitled to the benefit of section 54.
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