Section 54 not prescribe any condition vis-a-vis commencement of construction

Paramjit Kaur Vs. Income Tax Officer (ITAT Chandigarh) As per section 54 of the Act a time period of three years was given for completion of construction of the house but at the same time,  section 54 did not place any bar on the commencement of construction. Therefore, the fact that the assessee commenced construction of house prior to the sale of the original asset would not affect its claim of deduction under section 54 of the Act. Hon’ble Delhi High Court in the case of Bharati Mishra (supra) has categorically held that the condition stipulated by section 54F which is identical to t...