Section 54 Benefit Granted as Possession of Under-Construction Flat Taken Within 3 Years

Advertisement Mustansir I Tehsildar Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, adjudicated an appeal filed by the assessee for Assessment Year 2013–14 against the order of the Commissioner of Income-tax (Appeals), which had confirmed partial denial of deduction under section 54 of the Income-tax Act. The assessee had sold a 1/3rd share in a residential flat on 05.12.2012, resulting in long-term capital gain of ₹78.36 lakh. Prior to this sale, the assessee had booked a flat in an under-construction project and made substantial payments from 2007 to 2009, along...