1. Sec 54/54F benefit is available in case the new asset is used for business/profession – 11 SOT 646 (Mum)

2. Expenditure incurred on making the house habitable and not comfortable would also qualify for deduction u/s 54/54F 9 SOT 601 (Mum)

3. Agreement to sell does not amount to sale so assessee not entitle to 54F [2016] 75 taxmann.com 223 (Alb)

4. If a new asset is purchased in the joint name, 54/54F not available – [2008] 173 Taxman 311 (Bom) Although there are many other HC case laws which allows it

5. HUF sales house property held in its name and invested in purchasing another property in the name of one of its members and not in HUF, exemption is still available – Vaidya Panalalmanilal HUF [2018] 98 taxmann.com (Guj.)

6. Rasiklal N. Satra (mum) held that the word ‘owns’ in section 54F means absolute ownership and not merely co-owner and so even Assessee owns one residential house property in his name and is the co-owner of another house property along with his wife, derives capital gain and invested the same in purchasing another house can claim deduction u/s 54F.

7. Also can refer to our past article “Sec 54/54F exemption controversy