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Section 54F exemption if Sale Proceed not invested in Specified Govt Scheme but Property purchased within Three Years
Case Law Details
- Case Name
- Sh. Vijay Chaudhary Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All ITAT, ITAT Delhi
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Sh. Vijay Chaudhary Vs ITO (ITAT Delhi)
Whether the assessee invests the entire sales consideration in construction of a residential house within three years from the date of transfer can he be denied exemption under Section 54F on the ground that he did not deposit the said amount in capital gains account scheme before the due dated prescribed under Section 139(1) of the IT Act?
As is clear from Sub Section (4) in the event of the assessee not investing the capital gains either in purchasing the residential house or in constructing a residential house within the period stipulated in Section...
