Section 54 exemption allowed even if land purchased 1 year before transfer of original asset : ITAT
If a plot is purchased in contemplation of ensuing construction within a reasonable time even before the transfer of the original asset, there can be no fetters on the allowability of exemption u/s 54F, if other conditions are fulfilled. The assessee acquired land in two parts for construction of a new residential house, viz, the… Read More »