ITAT allowed sec. 54 exemption in respect of land purchased 1 year before transfer of original asset

IT: So long as construction of a new residential house is completed within a period of three years from date of transfer of original asset, benefit of exemption under section 54F has to be allowed with reference to whole of cost of plot or cost of construction thereon, even if such a process of purchasing plot or constructing house started within a reasonable time anterior to date of transfer of original asset

from www.taxmann.com Latest Case Laws http://bit.ly/2GvO8Cj