Registered Deed Not Mandatory for Section 54F Exemption: ITAT Delhi

ITO Vs Rajni Gupta (ITAT Delhi) ITAT Delhi held that registered deed of new property not mandatory for claiming exemption under section 54F of the Income Tax Act. Investment in property and possession thereof sufficient for claiming exemption. Facts- Revenue has preferred the present appeal relating to two different aspects of computation of income under the head capital gains, one pertaining to substitution of the actual consideration received with the stamp duty value of the property sold, in terms of section 50C of the Act and the other relating to denial of claim of deduction/ exemption of...