https://www.taxtmi.com/caselaws?id=370252 The Appellate Tribunal in Kolkata allowed the appeal challenging the denial of exemption under Section 54F of the Income Tax Act for Assessment Year 2013-14. The Tribunal held that the net sale consideration, not the full value of consideration under Section 50C, should be the basis for investment in a new residential house property. The Assessing Officer was directed to re-compute the capital gains and consider the appellant's claim of investing in a second house property for exemption under Section 54F. The decision clarified the application of Section 54F, ensuring the appellant's entitlement to tax benefits. en-us Fri, 09 Nov 2018 00:00:00 +0530 Wed, 14 Nov 2018 07:13:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=370252 The Appellate Tribunal in Kolkata allowed the appeal challenging the denial of exemption under Section 54F of the Income Tax Act for Assessment Year 2013-14. The Tribunal held that the net sale consideration, not the full value of consideration under Section 50C, should be the basis for investment in a new residential house property. The Assessing Officer was directed to re-compute the capital gains and consider the appellant's claim of investing in a second house property for exemption under Section 54F. The decision clarified the application of Section 54F, ensuring the appellant's entitlement to tax benefits. Case-Laws Income Tax Fri, 09 Nov 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=370252