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2016 (5) TMI 64 - AT - Income TaxExemption u/s 54F - whether the appellant had purchased two flats in two different buildings and location and only one flat is eligible for exemption under section 54F? - Held that:- The equivalent of 56.25 per cent of land transferred, equivalent to 43.75 per cent. of the built-up area received by the assessee. This built-up area can be translated into five flats. Hence, the transaction in this case 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. In this regard the learned authorised representative for the assessee submitted that prior to the amendment to section 54F effective from April 1, 2015 the assessee was entitled for the benefits of more than one flat as discussed above. It is pertinent to mention here that the hon'ble Madras High Court, in the case of CIT v. Smt. V. R. Karpagam [2014 (8) TMI 899 - MADRAS HIGH COURT ] has clearly held that the amendment to provision of section 54F is effective from April 1, 2015, which makes it clear that benefit of section 54F will be applicable to one residential house in India. Prior to the amendment it was clear that a residential house would include multiple residential units. Assessing Officer is directed to allow the claim of the assessee with respect to two flats purchased by the assessee as discussed above. Assessing Officer is directed to allow the claim of the assessee with respect to two flats purchased by the assessee as discussed above. - Decided in favour of assessee
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