Section 54F Deduction Allowed if net consideration Utilised by Due Date u/s 139(4)

Alpesh Navinbhai Barot Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that AO must recompute LTCG after considering indexed cost and allow 54F deduction if gains were utilised before extended due date; Tribunal ruled that non-deposit in Capital Gains Account does not bar 54F relief if funds are used for construction within Section 139(4) timeline; Case remanded to AO to verify cost of acquisition, ownership condition, and construction expenses before finalising capital gains. Deduction under Section 54F – Statutory Background Section 54F of the Income-tax Act, 1961 grants exemption from Long ...