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2011 (11) TMI 97 - ITAT DELHIDeduction under 54F - Assessee sold plot - invested the net consideration in purchase of flat - Held that :- When entire amount of net consideration was not utilized by the assessee for purchase or construction of new house before furnishing the date of return of income but the same had been deposited before the due date of furnishing the return in Capital Gains Account Scheme and proof of such deposit was also enclosed and, thus, the amount so deposited is also eligible for exemption and this deposit is in accordance with Section 54F. Further assessee was not having option to purchase or construct house as he owned one residential flat on the date of transfer of asset and had acquired new asset on 19th February cannot in any way limit the scope of exemption under 54F - The amount deposited by the assessee in Capital Gains Scheme is also a deemed cost of new asset. In case of non-utilization of such deposit, the amount will be taxable as per proviso to sub-section (4) of Section 54F. - Decided against the revenue.
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