https://www.taxtmi.com/caselaws?id=757480 ITAT Raipur held that deduction under Section 54F should be calculated based on actual sale consideration received by the assessee, not the deemed sale consideration adopted under Section 50C provisions. The tribunal ruled that "net consideration" as defined in Section 54F refers to actual consideration received from capital asset transfer, which when invested in new residential property, forms the basis for deduction quantification. The assessing officer was directed to recompute long-term capital gains after allowing Section 54F deduction based on actual sale proceeds invested in new asset construction, subject to statutory conditions being satisfied. en-us Fri, 23 Aug 2024 00:00:00 +0530 Tue, 27 Aug 2024 08:18:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=757480 ITAT Raipur held that deduction under Section 54F should be calculated based on actual sale consideration received by the assessee, not the deemed sale consideration adopted under Section 50C provisions. The tribunal ruled that "net consideration" as defined in Section 54F refers to actual consideration received from capital asset transfer, which when invested in new residential property, forms the basis for deduction quantification. The assessing officer was directed to recompute long-term capital gains after allowing Section 54F deduction based on actual sale proceeds invested in new asset construction, subject to statutory conditions being satisfied. Case-Laws Income Tax Fri, 23 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=757480