Exemption u/s 54F not admissible on failure to prove construction of residential building within prescribed time

Amarnath Sarala Vs ITO (ITAT Bangalore)

ITAT Bangalore held that for claiming exemption under section 54F of the Income Tax Act, the assessee is required to furnish necessary evidence proving construction of the residential building within the period as enumerated in section 54F of the Act. As assessee failed to produce the same, exemption u/s 54F not available.

Facts- The assessee has sold one property for Rs.18,00,000/- vide deed of registration dated 22.11.2013 and anot

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