Section 54F Deduction Denied: Timing of House Purchase and Construction Must Meet Strict Statutory Requirements

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....The ITAT upheld the denial of deduction under section 54F for LTCG. While the assessee had purchased the plot and obtained construction approvals before selling the original asset, the tribunal found this insufficient to qualify for the deduction. Per section 54F requirements, the assessee needed to either purchase a house within the period from 19.01.2006 to 18.01.2009 or construct one between 19.01.2007 and 18.01.2010. The valuation report indicated construction completion between 2005-06 and 2007-08, establishing that the assessee neither purchased a house within one year nor constructed one within the prescribed statutory period. The order denying the section 54F deduction was consequently confirmed.....