Section 54F exemption allowable on sale proceed utilised for construction of residential property Within a period of 3 years

Rajyalakshmi Reguraj Vs ITO (ITAT Bangalore) The A.O. had restricted the claim of exemption u/s 54F of the I.T.Act for the reason that the assessee had utilized only the sale consideration of Rs.1,75,83,000 out of the balance sale consideration of Rs.1,90,00,000 (Rs.2,40,00,000 – Rs.50,00,000) for the construction of a residential house. Accordingly, proportionately exemption u/s 54F of the I.T.Act was allowed amounting to Rs.1,43,80,289 instead of Rs.1,55,39,185 claimed by the assessee. The builder in its letter dated 29.11.2019 had stated that there are payments by the assessee amounting t...