Section 54F deduction cannot be restricted to stamp duty value

Advertisement I.T.O. Vs Shri Roop Narayan Sharma (ITAT Jaipur) Conclusion: Deduction U/s 54F was available to assessee in respect of full value of consideration received and not on the value taken by the Sub-Registrar for the purposes of stamp duty. Held: Assessee had sold agricultural land and invested for purchase of residential house. He claimed exemption U/s 54F in respect of actual amount of sale consideration received by him and not on the amount adopted for stamp duty purposes. However, AO allowed deduction U/s 54 by taking the amount invested. CIT(A) held that assessee was entitled ...