If Assessee Invested Entire Sale Consideration in New House Property, Capital Gains Are Exempt u/s 54F: ITAT Jaipur

In the case of ITO vs. Raj Kumar Parashar, ITAT Jaipur has held that:

The consideration as determined under section 50C based on the stamp duty authority valuation is not a consideration which has been received by or has accrued to the assessee. Rather, it is a value which has been deemed as full value of consideration for the limited purposes of determining the income chargeable as capital gains under section 48 of the Act. Therefore, in the instant case, the provisions of section 54F(1)(a) are complied with by the assessee and the assessee shall be eligible for deduction in respect of the whole of the capital gains so computed under section 45 read with section 48 and section 50C of the Act.

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