Case Law Analysis
|Income Tax Appellate Tribunal
Section 54F Income Tax Act | Partial Construction & CGAS Deposit Suffice for Capital Gains Exemption Despite Joint Ownership & Delay: ITAT Delhi
ITAT Delhi rules that depositing sale proceeds in Capital Gains Account Scheme (CGAS) and initiating partial construction are sufficient to claim Section 54F exemption, even for jointly owned property and despite court-imposed delays. The ruling clarifies that co-owners need not complete construction within the prescribed timeline to retain tax benefits, reinforcing a pragmatic approach to capital gains exemptions.