Perpetual Lease Over 12 Years Equals Purchase u/s 54F of Income Tax Act for Tax Exemption.

Exemption under Section 54F - whether the property acquired by the assessee by means of perpetual lease for unlimited period would amount to purchase? - for all practical purposes, the acquisition of property by perpetual lease exceeding the period of twelve years, has to be construed as purchase within the meaning of Section 54F. .....

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