https://www.taxtmi.com/caselaws?id=326753 Section 54F exemption was available where the assessee had substantially invested the sale proceeds in construction of a residential house within the statutory period and had taken completion steps under the relevant municipal framework, even though an occupancy certificate was not actually issued. The absence of a capital gains account deposit did not defeat the exemption when the capital gain was in fact deployed in the new house, and the exemption could not be restricted to the amount deposited in the bank account. The note also states that indexed cost of acquisition was allowable in computing capital gains and had to be given effect on recomputation. en-us Mon, 29 Feb 2016 00:00:00 +0530 Wed, 20 Apr 2016 11:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=326753 Section 54F exemption was available where the assessee had substantially invested the sale proceeds in construction of a residential house within the statutory period and had taken completion steps under the relevant municipal framework, even though an occupancy certificate was not actually issued. The absence of a capital gains account deposit did not defeat the exemption when the capital gain was in fact deployed in the new house, and the exemption could not be restricted to the amount deposited in the bank account. The note also states that indexed cost of acquisition was allowable in computing capital gains and had to be given effect on recomputation. Case-Laws Income Tax Mon, 29 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=326753