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2023 (6) TMI 517 - ITAT JAIPURDeduction u/s 54F - LTCG - quantum of investment to be made in the New House Property - Actual consideration or Value or transferred property determined as per Section 50C - deduction denied as assessee has not deposited the sale consideration received on transfer of the property in capital gain account as per provisions of section 54F(4) - HELD THAT:- In the instant case, the cost of new asset is not less than the net consideration thus the whole of the capital gains will not be charged even if the capital gains has been computed by adopting the value adopted by stamp registration authority. It is clearly mentioned in s. 54F(4) also that net consideration which is not appropriated towards the purchase of new asset then the same is to be taxed in case such net consideration not appropriated is not deposited in the capital gain account. It is not necessary that the new asset should be got registered before filing of the return. The requirement of law is that net consideration is required to be appropriated towards the purchase of the new asset. Thus deduction under s. 54F is clearly applicable. The natural meaning of full value of consideration refers to consideration specified in the Sale Deed. In this regard, in the case CIT vs. Smt. Nilofer I. Singh [2008 (8) TMI 165 - DELHI HIGH COURT] had held that full value of consideration refers to the consideration specified in the sale deed. Thus when the assessee has invested entire actual sales consideration received by him in the purchase and construction of new house accordance with the provision of section 54F(1) thereafter the provision of section 50C has not been applicable - we are of the view that assessee is entitled to exemption under section 54F. Thus, the disallowance made is hereby deleted - Decided in favour of assessee.
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