Wednesday, September 16, 2015

Section 54F – Requirement met by Investment – Completion not mandatory

The High Court of Karnataka where assessee sold a property on 6-10-2008 and purchased another residential plot on 13-10-2008 and commenced construction, which was not completed within three years, and she claimed benefit of section 54F, once it was established by assessee that she had invested entire net consideration in construction of residential house within stipulated period, it would meet requirement of section 54F and she would be entitled to get benefit of section 54F


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