Period prescribed u/s 54F of the Income Tax Act for purchase of a new house

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Last updated: 25 June 2021
Quick Summary
This case concerns the application of Section 54F of the Income Tax Act, which allows for capital gains tax exemption on the sale of a long-term asset if the proceeds are reinvested in a new residential property. The assessee sold an ancestral property and purchased a new flat, claiming a deduction. However, the Assessing Officer (AO) restricted the deduction because the full sale proceeds were not invested in the new house before the income tax return filing due date, and the unutilised amount was not deposited into the Capital Gains Account Scheme as required by law.

Court :
ITAT Bangalore

Brief :
The assesse has filed this appeal challenging the order dated 29.3.2019 passed by Ld. CIT(A) 9 Bengaluru and it relates to the assessment year 2012-13. The assesse is aggrieved by the decision of Ld. CIT(A) in partially confirming the disallowance made by the A.O. u/s 54F of the Income-tax Act,1961 ['the Act' for short].

Citation :
ITA No.1395/Bang/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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