Expense on Renovation of purchased unit is eligible for Exemption u/s 54F

Advertisement If the interpretation as has been given by the AO is accepted, that the word used ‘purchased’ is required to be restricted only to actual purchase and if any addition, alteration or demolition of the property is carried out by the assessee for the purposes of reconstruction after the demolition and for making it convenient for his use, then the cost incurred by the assessee for that purpose would not be eligible for deduction u/s. 54F, is against the very purpose of providing this deduction in the statute book. Our reading of the provision makes it abundantly clear that t...