https://www.taxtmi.com/highlights?id=80726 The tribunal held that for quantification of deduction u/s 54F of the Income Tax Act, the actual sale consideration received or accruing from transfer of the original capital asset and invested towards purchase/construction of a new residential house would be considered, and not the deemed sale consideration adopted for stamp duty valuation u/s 50C. The term "net consideration" in Section 54F refers to the actual sale proceeds, not the deemed value. The assessing officer was directed to recompute the long-term capital gains liable to tax after allowing deduction u/s 54F based on the actual sale consideration invested in the new residential property, subject to fulfillment of other conditions. en-us Tue, 27 Aug 2024 08:18:37 +0530 Tue, 27 Aug 2024 08:18:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80726 The tribunal held that for quantification of deduction u/s 54F of the Income Tax Act, the actual sale consideration received or accruing from transfer of the original capital asset and invested towards purchase/construction of a new residential house would be considered, and not the deemed sale consideration adopted for stamp duty valuation u/s 50C. The term "net consideration" in Section 54F refers to the actual sale proceeds, not the deemed value. The assessing officer was directed to recompute the long-term capital gains liable to tax after allowing deduction u/s 54F based on the actual sale consideration invested in the new residential property, subject to fulfillment of other conditions. Highlights Income Tax Tue, 27 Aug 2024 08:18:37 +0530 https://www.taxtmi.com/highlights?id=80726