The assessee, an individual, sold 30.35 cents of land out of 121 cents situated at Siruseri Village for \u20b91,00,44,000\/-. The AO, however, treated the entire sum of \u20b92.50 crore (including advances for balance land) as consideration and computed LTCG, further denying exemption u\/s 54F for want of proper documents. The CIT(A) upheld the addition. On appeal, the Tribunal held that only \u20b91,00,44,000\/- received for the land actually transferred could be considered as sale consideration, the balance being advance for unsold portion. As regards exemption u\/s 54F, the ITAT admitted fresh details such as bank statements and found sufficient evidence of reinvestment of \u20b982,15,610\/- in construction of a residential house. It directed the AO to recompute LTCG by taking sale consideration at \u20b91,00,44,000\/- and granting deduction u\/s 54F for \u20b982,15,610\/-. Appeal partly allowed. (AY 2014-15)\u00a0 ( ITA No. 2873\/Chny\/2024, dt. 01\/09\/2025)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54F : Capital gains- Investment in a residential house \u2013 Advance received cannot be assessed as capital gains \u2013 The AO was directed to recompute the capital gains on actual consideration and also directed to allow the exemption under section. 54F . [S. 45 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-56390","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-eFw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/56390","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=56390"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/56390\/revisions"}],"predecessor-version":[{"id":56391,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/56390\/revisions\/56391"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=56390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=56390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=56390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}