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Section 54F exemption available on Residential house constructed on agricultural land
Case Law Details
- Case Name
- Assistant Commissioner of Income-tax Vs Om Prakash Goyal (ITAT Jaipur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- ITAT Jaipur
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IN THE ITAT JAIPUR BENCH ‘A’
Assistant Commissioner of Income-tax
V/s.
Om Prakash Goyal
IT APPEAL NO. 647 (JP) OF 2011
[ASSESSMENT YEAR 2008-09]
FEBRUARY 2, 2012
ORDER
R.K. Gupta, Judicial Member
This is an appeal by department against the order of ld. CIT(A) relating to assessment year 2008-09.
2. The department is objecting in allowing benefit of section 54F of the Act amounting to Rs. 1,20,50,000/- incurred for purchase of agriculture land. It is also mentioned in the grounds of appeal that no evidence in respect of construction of residential house was on reco...
Very interesting judgement.
Would there be any liability towards capital gains tax if half of the property was sold 20 years ago and agreement to sell was made and registerd , total consideration received and paid at the time of agreement to sell but the property was not freehold and hence not registered in the name of the purchaser.
The property is now freehold and the portion sold can now be registered in th ename of the purchaser.
Would the seller now need to pay any capital gains since no exchange of money has happened now and full consideration was paid 20 years ago.
Would the decision change if assest sold was residential and exemption was being claimed under section 54?
It was a good decission.