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2012 (7) TMI 563 - MADRAS HIGH COURTDenial of claim of exemption u/s 54F - as possession of the property under consideration by the appellant to the developer for development of the property under the development agreement and therefore transfer for the purpose of assessment of capital gains took place - Held that:- as joint owners of the property, the assessee and her husband had shown 50% share with reference to the clinic and the residential portion in their respective returns. Thus, it is clear that as on the date of the transfer, the assessee did not own a residential house in her name only, the income from which was chargeable under the head "income from house property", to bring into operation, the proviso to Section 54F - A reading of Section 54F clearly points out that the holding of the residential house as on the date of transfer has relevance to the status of the assessee as an individual or HUF. On the admitted fact that the assessee herein, as an individual, does not own any property in the status of an individual as on the date of transfer, we have no hesitation in accepting the case of the assessee, thereby allowing the appeal - in favour of assessee.
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