Inherited Agricultural Land: LTCG Calculation with Rs. 150/sq. yard Base Rate and Section 54F Deduction Allowed

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....In a case concerning LTCG on sale of inherited agricultural land, the ITAT determined that the appropriate cost of acquisition as on 01.04.1981 should be Rs. 150 per sq. yard, calculated by applying a 57% increase to the 1962 value of Rs. 85. The AO was directed to recalculate the indexed cost accordingly. Regarding deduction u/s 54F, the Tribunal allowed the assessee's claim for property purchased in his widowed mother's name, noting the peculiar inheritance circumstances. The Tribunal recognized that under Hindu Succession Act principles, apportioning the sale consideration would result in tax neutrality since the mother's portion was invested in property qualifying for deduction u/s 54F. The assessee's appeal was partly allowed.....