Case Law Details
Case Name : Shri. Parswanath Padmarajaiah Jain Vs ACIT (ITAT Bangalore)
Related Assessment Year : 2013-14
Courts :
All ITAT ITAT Bangalore
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Shri. Parswanath Padmarajaiah Jain Vs ACIT (ITAT Bangalore)
Conclusion: Assessee was not entitled to the benefit of section 54F in respect of the investment made by assessee in purchasing the capital asset (land) as the said purchase of land was not within a period of one year prior to the sale of capital asset or falling in any of the categories in which assessee was entitled to claim exemption u/s.54F.
Held: AO denied assessee’s claim of deduction under section 54F on the reason that the new land was acquired by assessee before one year of sale of the capital asset i.e. 01.04.2012. It was ...
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HI Sir.. I have a query that if the consideration received on sale of LTCA (being a land) invested in purchase of land is eligible for deduction under section 54F? Does “purchase of land” consider as “Investment in House Property” for the purpose of Section 54F? Please help me with answer.