Subsequent use of property not material for section 54F exemption

ITO Vs Smt. Saida Mohammad (ITAT Jodhpur)

In the instant case, the assessee   has sold an old asset and realized the consideration for acquiring a new asset. The new asset is in the nature of a residential house which is quite evidenced from the purchase deed filed by the assessee. Hence the assessee is entitled for deduction u/s 54F of the Act. Accordingly the ld. CIT(A) deleted the addition made by the ld. CIT-(A). We observe that the provisions of section 54F will apply if the property is of residential

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