Necessity to Start New House Construction After Original Assets Sale Date to Claim Section 54F Exemption?

Kapil Kumar Agarwal Vs DCIT (ITAT Delhi)

Whether It Is Necessary To Start Construction of New House After The Date of Sale of Original Assets For Claiming Exemption Under Section 54F

Held that : Section 54F is a beneficial provision and should be liberally interpreted. An assessee who has purchased a house property is entitled to exemption u/s 54F despite the fact that construction activities of the new house have started before the date of sale of the original asset (Bharti Mishra 265 CTR 374 (Del) & Kuldeep Singh 270 CTR 561 (Del) followed.

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