Deduction u/s. 54F - purchase of land with old structure that is ...
Income Tax
November 11, 2022
Deduction u/s. 54F - purchase of land with old structure that is to be demolished - What has been in effect and substance purchased in the instant case, as also evidenced by the sale deed, is only a plot of land for construction of a residential house thereon. Rather, but for the demolition having been completed by the date of inspection, no stamp duty would have been paid on the structure part. No case for construction of a residential house has been preferred or pressed at any stage, including before us. The assessee is, accordingly, not entitled to any exemption u/s. 54F on the purchase of plot. - AT
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