Exemption u/s 54F allowable despite start of construction of new house before sale date of original asset

Kapil Kumar Agarwal Vs DCIT (ITAT Delhi)

Conclusion: Exemption under section 54F was allowable to assessee on purchase of a house property despite the fact that construction activities of the new house has started before the date of sale of the original asset as Section 54F was a beneficial provision and was applicable to an assessee when the old capital asset was replaced by a new capital asset in form of a residential house.

Held: Assessee derived a long-term capital gain on sale of shar

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