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.

Please become a Premium member. If you are already a Premium member, login here to access the full content.