HC grants sec. 54F relief on construction of new house after demolishing of old one

Section 54F of the Income-tax Act, 1961 - Capital gains - Exemption of, in case of investment in residential house (Construction) - Assessee sold a property and declared certain capital gain - Earlier, he had purchased a built up property which was demolished and new construction on plot was carried out within three years of sale of aforesaid property - Whether assessee was entitled to exemption under section 54F - Held, yes [Paras 8 & 9] [In favour of assessee]

Refer:[2014] 46 taxmann.com 416 (Delhi)

HIGH COURT OF DELHI

Commissioner of Income-tax-V

v.

Ashok Kumar Ralhan