Case Law Details
Case Name : Sri Prasad Nimmagadda Vs Deputy Commissioner of Income-tax (ITAT Hyderabad)
Appeal Number : IT Appeal NO. 255 (HYD.) OF 2012
Date of Judgement/Order : 15/02/2013
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
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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