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Question ID : 40969

Section 54F

Hello Everyone! Whether exemption under section 54F available for investing in rural agriculture land and constructing a residential property thereon (Farm House) out of sale proceeds received from sale of shares of unlisted company? Please also provide reference of HC Judgements

Posted by Manisha on Feb 12, 2021

Filed Under DIRECT TAXES

Answer ID : 80902

Yes. Inference :- Mahavir Prasad Gupta v. CIT [2006] 5 SOT 355 (Delhi).

Posted by B.CHACKRAPANI WARRIER on Feb 13, 2021
Answer ID : 80914

Yes. Farm house can be treated as residential property for claiming exemption under section 54F. Case law- Shyam Sunder Mukhija vs Income-Tax Officer, 38 ITD125, ITAT Jaipur, Hon'ble kerala High Court in the case of Smt. Asha George Vs. ITO, Ward2(1), Thrissur in ITA No. 114 of 2012 order dt. 16/01/2013 and Ito, W-4, Panchkula vs Smt. Seema Bishnoi, Panchkula by ITAT Chandigarh.

Posted by CA. chunauti dholakia on Feb 16, 2021