https://www.taxtmi.com/caselaws?id=9858 Section 54 is a beneficial exemption and must be construed liberally to advance its object. Where the assessee entered into agreements for a new residential flat, took possession within the stipulated period, and invested the entire long-term capital gain in the qualifying property, exemption was available for the full gain. The reference in section 54(2) was held to be to section 139 generally, not section 139(1) alone, so no additional reading-in of a narrower deposit requirement was justified. As the whole capital gain was appropriated towards the new residential house within time, deposit in the capital gains account scheme was not required. en-us Wed, 09 Aug 2006 00:00:00 +0530 Thu, 18 Sep 2025 12:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9858 Section 54 is a beneficial exemption and must be construed liberally to advance its object. Where the assessee entered into agreements for a new residential flat, took possession within the stipulated period, and invested the entire long-term capital gain in the qualifying property, exemption was available for the full gain. The reference in section 54(2) was held to be to section 139 generally, not section 139(1) alone, so no additional reading-in of a narrower deposit requirement was justified. As the whole capital gain was appropriated towards the new residential house within time, deposit in the capital gains account scheme was not required. Case-Laws Income Tax Wed, 09 Aug 2006 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9858