Case Law Analysis
|Income Tax Appellate Tribunal
Section 54F IT Act | Cost of Residential Plot Purchased Within One Year of Commercial Asset Sale Qualifies for Exemption : ITAT Agra
The ITAT Agra has ruled that the purchase price of a residential plot acquired within one year before selling a commercial asset can be included in the cost of acquisition for claiming capital gains exemption under Section 54F, provided documentary proof is submitted. This clarifies a critical ambiguity for investors restructuring assets and expands the scope of eligible investments beyond construction costs alone.