Applicability of Capital Gain on alteration of new house like interiors and furniture

[Venkatesh Dhongadi]

Assessee got a share from Sale proceeds of a open land and during the same year a new house was allotted from a share in Joint venture agreement of another land. Assessee invested the amount received from sale proceeds of a open land in the alteration of new house like interiors and furniture which was allotted though joint venture agreement which is Self-occupied. Now my query is whether the assessee can claim deduction u/s 54F of income tax act, for amount invested in alteration of new house like interiors and furniture on Sale proceeds of a open land?

AI Summary

Capital gain exemption under section 54F turns on whether interiors and furniture of a new house qualify as eligible investment. Capital gain exemption under section 54F is questioned for investment of sale proceeds from open land into a new residential house allotted through a joint venture arrangement. The issue is whether expenditure on alteration of the house, including interiors and furniture, can qualify as eligible investment for deduction where the house is self-occupied. The matter concerns the scope of investment in a residential house for exemption purposes.