Acquiring flat from builder where construction to be done in phased manner is case of purchase for sec. 54F relief

INCOME TAX : Where assessee having sold shares, entered into an agreement with a builder for purchase of new residential flat which was constructed by builder in phased manner and payment of which was linked to stage of construction, it was a case of purchase and not construction of new asset and, therefore, assessee was to be allowed deduction under section 54F

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