Assessee i.e. late husband of Smt Savita Bhasin  sold land and earned long term capital gains. Assessing Officer denied exemption u/s 54F on ground that assessee on date of transfer of original asset had two residential house, although both assets were jointly owned with his wife.  Assessee, however, claimed that second residential house was already sold to his son before sale of land. The ITAT held that the agreement to sell residential house between assessee and his son was duly registered and rental income from said property was mentioned in ITR of assessee’s son and hence said house cannot be said to be owned by Assessee. Further, assessee was having only 50 per cent share in the impugned residential property which was sold to the son of the assessee. Therefore, the Assessing Officer could not deny exemption under section 54F to the assessee.  (AY. 2014 -15)