Allowing the appeal of the assessee the Tribunal held that owning a vacant land is cannot be considered as owning of residential property hence investment is residential house is eligible for deduction . Fair market value as on 1 -4 -1981 which is higher than guidelines value has to be considered for determining gthe market value as on 1-4 -1981 Followed , Krishna Bajaj (Smt.) v. ACIT[2014) 267 CTR 172 (Karn) (HC). ( AY.2012-13)
Devika Gunasheela (Dr.) v. JCIT (2020)82 ITR 23 (SN) 185 ITD 408 / (2021 )) 209 TTJ 931/ 199 DTR 157 (Bang) (Trib)
S.54F : Capital gains- Investment in a residential house -Vacant land – Not residential property – Entitle to exemption- Cost of acquisition — Fair market value ass on 1-4-1981 —Higher than guidelines value – Estimate is held to be reasonable . [S.45, 55(2)(b) (1) ]