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 shares and had claimed deduction under Section 54F stating that it had purchased an residential apartment. Adm...