S.54F Income Tax Deduction for LTCG can be claimed when Invested in Residential Property: ITAT

The ITAT ruled that taxpayers can claim a deduction under Section 54F of the Income Tax Act for long-term capital gains (LTCG) when investing in residential property. The deduction applies when the LTCG is invested in purchasing or constructing a residential property, and the investment must be made within specific time limits. The ruling emphasized that the property purchased or constructed should be in the name of the taxpayer or their immediate family members. It is crucial for taxpayers to ensure compliance with all conditions specified under Section 54F to avail of the benefit.