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Section 54 Exemption Available on Exchange of old Flat by New
Case Law Details
- Case Name
- Shri Jatinder Kumar Madan Vs Income tax Officer (ITAT Mumbai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2006-07
- Courts
- All ITAT, ITAT Mumbai
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In this case, the assessee had exchanged old flat with new flat to be constructed by the builder under development agreement which amounts to transfer under section 2(47) of the Act. Thus, the only other condition which is required to be satisfied is that assessee either purchases a new residential flat within the prescribed limit or constructs a new residential flat within a period of 3 years from the date of transfer.
The acquisition of a new flat under a development agreement in exchange of the old flat amounts to construction of new flat. This view is supported by the decision of the Tribu...
Whether one can surrender the flat purchased in last year and had exchanged the old flat with a new flat which amounted to transfer The exemption under section 54 is allowable ?