Case Law Details
Case Name : Sri Prasad Nimmagadda Vs Deputy Commissioner of Income-tax (ITAT Hyderabad)
Related Assessment Year : 2008-09
Courts :
All ITAT ITAT Hyderabad
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ITAT HYDERABAD BENCH ‘A’
Sri Prasad Nimmagadda
Versus
Deputy Commissioner of Income-tax
IT Appeal NO. 255 (HYD.) OF 2012
[ASSESSMENT YEAR 2008-09]
FEBRUARY 15, 2013
ORDER
Saktijit Dey, Judicial Member
This appeal preferred by the assessee is directed against the order of the CIT(A)-V, Hyderabad dated 21/12/2011, for the assessment year 2008-09.
2. The only issue involved in this appeal is relating to denial of assessee’s claim of exemption u/s 54 of the Act.
3. Briefly the facts are, the assessee an individual filed his return of income for the impugned asse...
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Dear sir
I had deposited Rs. 1.51 cr in capital gains investment deposit account along with my husband to claim exemption u/s 54 in the year september, 2009. I booked residential house for Rs. 2.5 cr with builder and received a letter of allotment. My husband and myself also paid from our other sources the further instalments of bookings.Substantial amount has been given to builder. However now builder has stopped the work and there is no sign of completing within 3 years more from now. Meantime My husband also expired. Now I want to withdraw from Capital Gains Investment Deposit account to purchase new flat. Banks officials required letter signature of I.T.O. in form No. G. Now my queries are as under.
1. Whether can we get exemption u/s 54 even if we have not received constructed
flat when substantial amounts have been paid towards letter of allotment ?
2. Whether can we get exemption if we cancell old booking as the builder is not giving constructed flat within 3 years now onwards and doing booking with another builders?
3. Whether bank is right in asking us to get NOC from ITO.
With regards
Dear sir
I had deposited Rs. 1.51 cr in capital gains investment deposit account along with my husband to claim exemption u/s 54 in the year september, 2009. I booked residential house for Rs. 2.5 cr with builder and received a letter of allotment. My husband and myself also paid from our other sources the further instalments of bookings.Substantial amount has been given to builder. However now builder has stopped the work and there is no sign of completing within 3 years more from now. Meantime My husband also expired. Now I want to withdraw from Capital Gains Investment Deposit account to purchase new flat. Banks officials required letter signature of I.T.O. in form No. G. Now my queries are as under.
1. Whether can we get exemption u/s 54 even if we have not received constructed
flat when substantial amounts have been paid towards letter of allotment ?
2. Whether can we get exemption if we cancell old booking as the builder is not giving constructed flat within 3 years now onwards and doing booking with another builders?
3. Whether bank is right in asking us to get NOC from ITO.
With regards