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For availing exemption u/s. 54F approval of building plan is not necessary
Case Law Details
- Case Name
- B. Sivasubramanian Vs Income Tax Officer (ITAT Chennai)
- 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 Chennai
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CA Sandeep Kanoi
It is not disputed that the assessee is not in possession of plot on which a residential building is in existence. The assessee has allegedly utilized the Long Term Capital Gain arising from the sale of shares towards the construction of a new residential house after demolition of old building on the plot-in-question.
The assessee has claimed exemption u/s.54F on the ground that the assessee has invested Long Term Capital Gains arising from sale of shares towards construction of a new house within the prescribed period as mentioned in the Act. However, the con...
I need clear case laws on ,whether an assessee can construct a flat on his own residence’s roof with a sanctioned plan from municipality for himself and his wife using his own money within permissible time using his LTCG capgain accounts money kept in a bank?