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Deduction u/s 54F was allowable even if construction of new house commenced before sale of capital asset
Case Law Details
- Case Name
- CIT Vs K Ramachandra Rao (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Karnataka High Court
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CIT Vs K Ramachandra Rao (Karnataka High Court)
Conclusion: Assessee was entitled to claim deduction under section 54F as investment in putting up a residential construction could be made on a site owned by him to be eligible for exemption and if the intention was not to retain cash but to invest in construction or any purchase of the property and if such investment was made within the period stipulated therein, then Section 54F(4) was not at all attracted and exemption was allowable.
Held: Assessee computed Long Term Capital Gains before claiming exemption under Section 54B and 54F. During t...
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