Claim u/s 54F of the Income Tax Act, 1961

Assessee is an individual and has made claim U/Sec. 54F in respect of investment in the bungalow along with the land. while executing the agreement , the assessee has executed  Registered Development Agreement , where in the description of  property it is clearly mentioned that it is land with the constructed bungalow. However the AO has rejected the claim on the ground that the investment made by the assessee in the property is not for purchase of house property by the assessee but assessee had taken it for the purpose of  Development of the property.  Assessee is not engaged in…

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