Capital gain benefit u/s 54F allowed even if construction of residential house not fully completed in 3 years

Sec. 54F – benefit allowed, on completing the major construction of resi. House rather fully habitable house property. Brief of the Case 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 t...