https://www.taxtmi.com/caselaws?id=791526 Deduction under section 54 is available only where the capital gain is applied within the statutory time to purchase or construct a residential house, and any unutilised amount is deposited in the prescribed capital gains account by the due date under section 139(1). A mere acquisition of a plinth or plot intended for future villa construction does not amount to purchase of a residential house unless construction has actually commenced or a residential house has substantially come into existence. Where no statutory deposit was made and the balance was invested only up to the belated return stage, the deduction was not allowable. en-us Tue, 28 Apr 2026 00:00:00 +0530 Wed, 13 May 2026 08:36:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=791526 Deduction under section 54 is available only where the capital gain is applied within the statutory time to purchase or construct a residential house, and any unutilised amount is deposited in the prescribed capital gains account by the due date under section 139(1). A mere acquisition of a plinth or plot intended for future villa construction does not amount to purchase of a residential house unless construction has actually commenced or a residential house has substantially come into existence. Where no statutory deposit was made and the balance was invested only up to the belated return stage, the deduction was not allowable. Case-Laws Income Tax Tue, 28 Apr 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=791526