Dismissing the appeal of the revenue the Tribunal held that ;Basement was used as part and parcel of residential house hence capital gains invested in two residential house properties would be entitle to exemption .(AY.2009 -10)
ACIT v. Shrey Sharma Guleri Prime Channel Software Communications (P.) Ltd. (2018) 170 ITD 295/ 64 ITR 67 (SN)/ 169 DTR 121/ 195 TTJ 196 (Mum) (Trib.)
S. 54 : Capital gains – Profit on sale of property used for residence – Basement was used as part and parcel of residential house hence capital gains invested in two residential house properties would be entitle to exemption .[ S.45 ]