Law:

Section:

Section 54F of the Income-tax Act, 1961 - Capital gains - Exemption of, incase of investment in residential house EXEMPTION OF CAPITAL GAIN IN CASE OF INVESTMENT IN RESIDENTIAL HOUSE [SECTION 54F] Assessee would not be entitled to deduction under section 54F in respect of investment in modification/expansion of an existing residential house [In favour of revenue] Mrs. Meera Jacob v. ITO [2009] 313 ITR 411 (Ker.) Section 54F does not provide for exemption on investment in renovation or modification of an existing house. On the other hand, construction of a house only qualifies for exemption on the investment. Even addition of a floor of a self-contained type to the existing house would have qualified for exemption. However, the assessee would not be entitled to deduction under section 54F in respect of investment in modification/expansion of an existing house. Joseph Markose for the Appellant. George K. George for the Respondent. JUDGMENT C.N. Ramachandran Nair, J.- Heard senior counsel Sri Joseph Markose appearing for the appellant and standing counsel appearing for the respondent. The question involved is whether the assessee, in the computation of long-term capital gains, is entitled to deduction under section 54F of the Income tax Act in respect of investment…

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