Date of possession as date of purchase of flat for Section 54F exemption allowed

Rajiv Madhok Vs ACIT (ITAT Delhi) The issue under consideration is whether disallowance of claim u/s 54F will be  sustain under Act? In the present case, the assessee, an individual, sold his shares and claimed tax deduction under section 54F by stating that he invested in the purchase/construction of the property. He claimed that the said purchase was within the time period provided in section 54F of the Act and thus, he is entitled to not charging of long-term capital gain to the extent of investment in purchase/construction of the residential house property. The contention of the assessee ...