Section 54 exemption on Construction over leasehold land

Shri Shivakumar Kheny (HUF) Vs  (ITAT Bangalore) The Assessee took land on lease for a period of 20 years under a lease deed dated 14.3.2013 and constructed a residential house on such land. The amount of capital gain to the extent it was so utilized was claimed as deduction u/s.54 of the Act. As per the lease dated 14.03.2013, the Assessee entitled to construct a building after reimbursing a sum of Rs.4.9 Lakhs already spent by the lessor. The Lease period was for 20 Years. As per clause 10, the ownership and title to the residential building (except the land) would vest in the Assessee for ...