Section 54F exemption not available house acquired is demolished within 3 years

The moot question before us is whether the assessee will be entitled for the benefit of deduction U/s. 54F of the Act if he demolished the new asset being the residential house purchased by him within the period of three years from the date of purchase in violation to Section 54F(3) of the Act.

The prime argument advanced by the Ld. A.R before us is that the provisions of Section 54F(3) of the Act only provides that the new asset should not be transferred in terms of Please become a Premium member. If you are already a Premium member, login here to access the full content.