Assesse Sold Land owned by him In FY 2013-14 and Deposited the Sale consideration in Capital Gain Accounts Scheme with schedule bank with Intent to Construct House over the next three years time frame.
Assesse is a member of Joint family properrty HUF, The Joint family is constructing flats in their family property, the assesse is proposing to fund one Flat construction using the sale proceeds deposited in the Capital Gain account Scheme.
The assesse doesn't own the land , but the owner has no objection in the assesse using his fund to construct the property and enjoy the building portion. Will the assesse right is adopting this investment route for thereby claiming the exemption under section 54F.
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