https://www.taxtmi.com/caselaws?id=450879 ITAT Chennai allowed the assessee's appeal regarding LTCG exemption under Section 54F. The AO had disallowed the exemption claiming the capital gain deposit scheme amount wasn't invested within the stipulated period. The Tribunal held that the assessee purchased a plot and entered construction agreement within the prescribed timeframe of one year prior and two years after the sale date. The Tribunal clarified that there's no requirement to use specific deposited funds for new investment; the assessee can utilize other available funds without jeopardizing the exemption claim. en-us Wed, 13 Mar 2024 00:00:00 +0530 Thu, 14 Mar 2024 13:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=450879 ITAT Chennai allowed the assessee's appeal regarding LTCG exemption under Section 54F. The AO had disallowed the exemption claiming the capital gain deposit scheme amount wasn't invested within the stipulated period. The Tribunal held that the assessee purchased a plot and entered construction agreement within the prescribed timeframe of one year prior and two years after the sale date. The Tribunal clarified that there's no requirement to use specific deposited funds for new investment; the assessee can utilize other available funds without jeopardizing the exemption claim. Case-Laws Income Tax Wed, 13 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=450879