2023 (9) TMI 690 - ITAT CHENNAI

Deduction u/s 54F - multiple units - denying deduction for more than one flat (residential house)​​​​​​​ - whether the assessee was having one property or two properties at the time of transfer of capital assets? - case of the assessee that there was no house at all in the property situated at Ganesh Nagar, Sholinganallur, whatever old building existing in dilapidated condition and submitted that since electricity meter exists, it cannot be said that it is a residential property - scope of amendment - HELD THAT:- We are of the view that the amendment in the provisions of s. 54(1) replacing the word “a residential house” by “one residential house” was brought in Finance (No.2) Act, 2014 w.e.f 01.04.2014 and will apply for A.Y 2015-16. The relevant assessment year before us is 2013-14 and hence, the assessee is eligible for claim of deduction u/s. 54F of the Act, though there may be multiple units. Accordingly, the appeal of the Revenue is dismissed.