Full Section 54 Exemption Allowed – Pre-Purchase Payments Also Count Towards Investment

Anil Mohanlal Thakker Vs Assessing Officer (ITAT Mumbai) Full Section 54 Exemption Allowed – Pre-Purchase Payments Also Count Towards Investment Mumbai ITAT held that entire capital gains exemption u/s 54 cannot be denied merely because part of the investment was made prior to the one-year window before sale. The assessee sold a property on 06.09.2013 and earned LTCG of ₹52.84 lakh, claiming full exemption on purchase of a new residential flat costing ₹1.93 crore. The AO restricted exemption only to ₹32.97 lakh, considering only payments made within one year prior to transfer. The Trib...