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2013 (9) TMI 568 - AT - Income TaxExemption u/s. 54F - Joint ownership of new house property - More than one residential house - Held that:- Exemption u/s. 54F has been granted to the assessee with a view to encourage construction of one residential house - The construction/purchase of a house other than one residential house was not covered by section 54F of the Act - The concession provided u/s. 54F w.e.f. 1.4.2001 would not be available in a case where the assessee already owns, on the date of transfer of the original assets, more than one residential house - Therefore, it was clear that emphasis had been given on owning more than one residential house by any assessee. The assessees, who already owns, on the date of transfer of the original asset, more than one residential house, were not eligible for the concession provided u/s 54F of the Act - Even if other residential house may be either owned by the assessee wholly or partially - Therefore, the concession had been given only to encourage that any assessee should have his own residential house - In other words, when any assessee who owns more than one residential in his/her own title exercising such dominion over the residential house as would enable other being excluded therefrom and having right to use and occupy the said house and/or to enjoy its usufruct in his/her own right should be deemed to be the owner of the residential house for the purpose of section 54F of the Act - The proviso to section 54F of the Act clearly provided that no deduction shall be allowed if the assessee owns on the date of transfer of the residential asset more than one residential house. - Decided in favour of Revenue.
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