Case Law Details
Sec. 54F – benefit allowed, on completing the major construction of resi. House rather fully habitable house property.
Karnataka High Court held In the case of The CIT & ITO vs. Smt. B S Shanthakumari that the essence of provisions u/s 54F is to ensure that assessee who received capital gains would invest the same by constructing a residential house and once it is established that consideration so received on transfer of his Long Term capital asset has invested in constructing residential house, it would satisfy the ingredients of Section 54F. If the assessee is able to establish that he had invested the entire net consideration within the stipulated period, it would meet the requirement of Section 54F and as such, assessee would be entitled to get the benefit of Section 54F of the Act.
Facts of the Case
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