rahul rana (CA) (110 Points)
23 July 2022Can LTCG on the sale of land in multiple years be pooled together for the availing exemption under section 54F.
E.g. In 2021-22 i sold three industrial plots for net consideration of 10cr & deposited whole amount in CAGS account to avail exemption under section 54F.
In 2022-23 I sold one residential plot for net consideration of 1 cr.
can net consideration of all above land be pooled together in CAGS account for availing exemption under section 54F?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(173901 Points)
Replied 23 July 2022
Yes...
Refer::: Details of Case Law
ACIT New Delhi v Mahinder Kumar Jain IT APPEAL NO. 5254 (DELHI) OF 2014.
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The Income Tax Appellate Tribunal (ITAT) Delhi allowed the deduction of Rs 1.59 crore under section 54F against the investment made in the construction of house at Mehendi Farms.
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