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ITAT allowed sec. 54F exemption on purchase of plot and making an advance to builder for construction thereon

April 15, 2019[2019] 104 12 (Kolkata - Trib.)/[2019] 69 ITR(T) 231 (Kolkata - Trib.)

IT: Deeming fiction provided under section 50C in respect of term 'full value of consideration' is to be applied only to section 48, however, provisions of said section cannot be applied while computing deduction allowable to assessee under section 54F

IT: Where assessee invests net sale consideration in a plot of land and advances money to builder for construction, said action per se is sufficient compliance of section 54F and, thus, assessee's claim for deduction cannot be rejected on ground that he/she has purchased a vacant plot of land and not a residential property

IT: In order to claim benefit of deduction under section 54F, there is no such requirement of law that very sale proceeds from sale of property should be utilized for making deposit in Capital Gains Account Scheme in a bank and, thus, where assessee deposits borrowed amount in said scheme, assessee's claim for deduction cannot be rejected

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