Brief of Update:
An update pertaining to deduction under Section 54F of Income Tax Act, 1961 for under con- structed property can be claimed second or third time if the cost is within the capital gain as per the recent judgment as discussed herein.
Income Tax Act provides exemption from payment of tax on Long Term Capital Gain arising from transfer of property other than Residential House Property. Section 54F which provides the above exemption mention that to claim exemption the transferor must make investment of net consideration in new residential house property within the time frame provided therein. This judgement has analysed the provisions of the said section to conclude on timing of invest- ment (whether one-time investment or multiple time investment within the time frame provid- ed in the law) to claim exemption.
