Dispute Over Section 54F Deduction: Farmhouse Purchase and Agricultural Land Use Examined by Tax Authorities.

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Full Text of the Document

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....LTCG - Deduction u/s 54F - Purchase of farmhouse - There is no finding by the learned assessing officer that assessee has purchased excessive land which would be used as a farmland and has for namesake constructed a residential house property. Merely because a property is called a farmhouse, it does not become a non-residential house property unless otherwise proved. - AT....