Section 54F in The Income Tax Act, 1961
54F. [ Capital gain on transfer of certain capital assets not to be charged in case of investment ... residential house. [Inserted by Act 14 of 1982, Section 12 (w.e.f. 1.4.1983).]
(1) [Subject to the provisions of sub-section (4), where
charging interest u/s 234B & 234D of the Act and as also
in withdrawing interest u/s 244A of the Act. The appellant totally ... filing of return of income u/s 139(1)
and has claimed exemption u/s 54F of the Act and even the same has
been
Section 54F and as such, the assessee was held not to be entitled to any deduction Under Section 54F of the Act ... Section 27 of the Act could not be extended for determining ownership of the house for other Sections of the Act. Section
fact
that Sub Section (1) of Section 54F has been made subject
to Sub Section (4) of the Act. The requirement under
Section 54F ... Section 139(1) of the Act but would
include all sub section of Section 139 Including sub section (4)
of the Act. On the above
section 54F
of the Act impose another condition for claiming deduction u/s.54F(1) of the Act.
provides as follows :-
" Section 54F ... seen from the provision of sub- section 4 of section 54F of the Act that
where the net consideration received on transfer of a capital
u/s 54F on purchase of two
residential house property which is not allowable and as per
provisions of section 54F of the IT Act ... u/s 54F on purchase of two
residential house property which is not allowable and as per
provisions of section 54F of the IT Act
54F of the Act and Section 54F(1) is
not subject to Section 54F(4) of 1961 Act. It is submitted that ... within the period stipulated in Sub-Section (1) of
Section 54(F) of the Act then Section 54F(4) of the Act
other. There is no mention Under Section 50 of the Act referring
to the provision of section 54F of the Act and vice versa. Therefore ... under:
"6.1. A combined reading of section 54F(1) and 54F(4) of the Act, it is
evident that the assessee would be entitled
return filed under Section 139(1) of the Act
as return filed in response to notice under
Section 148 of the Act. The respondent ... petitioner is not entitled to deduction under
Section 54F as per Sub- section 4 of Section
54F is nothing but a mere change of opinion
claimed the said income as exempt under Section 54 of the
Act, or in alternative, under Section 54F of the Act.
4. The case ... Finance (No. 2) Act, 2014 [hereafter ‗the Finance Act,
2014 '], an amendment had been brought in Section 54F of the Act,
whereby the words
