Case Law Details
Case Name : B. Sivasubramanian Vs Income Tax Officer (ITAT Chennai)
Related Assessment Year : 2006- 07
Courts :
All ITAT ITAT Chennai
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CA Sandeep Kanoi
It is not disputed that the assessee is not in possession of plot on which a residential building is in existence. The assessee has allegedly utilized the Long Term Capital Gain arising from the sale of shares towards the construction of a new residential house after demolition of old building on the plot-in-question.
The assessee has claimed exemption u/s.54F on the ground that the assessee has invested Long Term Capital Gains arising from sale of shares towards construction of a new house within the prescribed period as mentioned in the Act. However, the contentions of the a...
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I need clear case laws on ,whether an assessee can construct a flat on his own residence’s roof with a sanctioned plan from municipality for himself and his wife using his own money within permissible time using his LTCG capgain accounts money kept in a bank?