Hello..I'm in a big confusion regarding Section 54F.Let us suppose
Sales consideration for a plot:- Rs.5 crores
But,Value adopted by Stamp Valuation Authority :-Rs.10 cr.
Now,the question is, if the assesse wants that the whole capital gain will be exempt.Then how much amount he has to invest in purchasing residential house(u/s 54F).
As per Gyan Chandra Batra v. ITO 133 TTJ 482 (Jp) he has to invest just Rs.5 crores.But as per the judgement in the case of Gouli Mahaevappa v. ITO 145 TTJ 489 (Bang.) he has to invest Rs.10 cr.(As per my study, this judgments provide this).
Please help me out...and let me know whether i have interpreted judgments in the right context or nt...and also answer me for the abovementioned question.....
CAclubindia
