Sandeep Khosla v. Dy. CIT

INCOME TAX ACT, 1961

--Capital gains--Deduction under section 54FConstruction of house prior to date of sale of old property--Held: The assessee was eligible for exemption under section 54F even though construction of the house commenced prior to the date of sale of old property provided he had completed the construction within the stipulated period of three years from the date of sale. Assessee had placed the electricity as well as internet bill and copies of the property tax receipts before CIT(A) to prove that construction was completed within three years. Therefore, issue was remitted back to the file of AO for verification of those documents and allow deduction if documents are genuine.