Income Tax Act | To Claim Deduction Under Section 54F, Assessee Must Show Intention to Repay Borrowed Funds with Capital Gains: Kerala High Court

A widow senior citizen’s long legal battle for the release of funds from her Capital Gains Account under the Income Tax Act, 1961 has finally seen partial success, with the High Court of Kerala passing a landmark decision clarifying the scope and limits of Section 54F. Petitioner seeks tax exemption and fund release under Section 54F The petitioner, Mrs. Sainaba Hamza Koya, aged 67, residing at Prashantham, S.A. Road, Manorama…