Assembling Plywood Sheets Does Not Qualify as Constructing a Residential House for Capital Gain Exemption: Delhi High Court

The Delhi High Court has recently ruled that constructing a structure using plywood sheets does not qualify as building a "residential house" under Section 54 of the Income Tax Act, 1961. The decision upheld an order passed by the Income Tax Appellate Tribunal (ITAT), which denied the appellant-assessee's claim for capital gains tax exemption. The appellant had sought the exemption on the grounds that he had constructed a residential house…