The assessee had purchased land in 2007 along with his husband and the same was transferred in March 2013. She purchased another land for the construction of a residential house, which went on from 2007 to 2015. Accordingly, on the sale of the original asset, the assessee claimed exemption under section 54F. The Assessing Officer denied the claim on the ground that since payment for the purchase and construction of the residential house was made six years before the original asset was sold, exemption towards the same was not allowable under section 54F. CIT(A) allowed the exemption. Tribunal reversed the order of the CIT(A).  On appeal, the Court held that the Tribunal has given importance only to the time of the payments made by the assessee or sanction of the loan by the Bank in favour of the assessee’s husband. The test ought to be when the residential house was completed. Accordingly, the matter was remanded to the file of CIT(A) to decide in accordance with the law. (AY. 2013-14)