Commencement of property construction prior to transfer of original asset not an impediment for section 54F exemption

Article analyses ITAT delhi Judgment in the case of Tarun Jalali Vs. DDIT  in which it was held that Commencement of property construction prior to transfer of original asset not an impediment for exemption under section 54F of Income Tax Act, 1961. Facts of the case: Tarun Jalali (“the tax payer”) entered into a transaction of sale of house property owned by him vide agreement to sale dated 30.09.2010. He had acquired a new residential house property through sale cum construction agreement dated 20.11.2007 and sale deed dated 20.04.2011. The construction of the new property was commenc...