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2014 (8) TMI 899 - HC - Income TaxFive independent flats treated as single unit u/s 54F – Interpretation of term "a residential house" - Reinvestment of capital gain for claiming exemption u/s 54F – Held that:- The word 'a' appearing in Section 54F of the Income Tax Act should not be construed in singular, but should be understood in plural - Relying upon CIT V. Smt. K.G. Rukminiamma [2010 (8) TMI 482 - Karnataka High Court] - assessee was eligible for claiming exemption u/s 54F of the Act on the five flats received by her in lieu of the land she had parted with - all the Authorities below have clearly understood that the agreement signed by the assessee with M/s.Mount Housing Infrastructure Ltd., is that the assessee will receive 43.75% of the built-up area after development, which is construed as one block, which may be one or more flats - the built up area got translated into five flats - the transaction was not with regard to the number of flats but with regard to the percentage of the built up area, vis-a-vis, the Undivided Share of Land – thus, the property should be assessed as one unit, even though different flats are available – Decided against Revenue.
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