Exemption u/s 54 duly available as construction of residential house completed within 3 years

Hemant Shridhar Phatak Vs ACIT (ITAT Mumbai) ITAT Mumbai held that the assessee is eligible to claim exemption u/s. 54 of the Income Tax Act as the construction of residential house completed within three years from the relevant date. Facts- The assessee in its return of income claimed exemption of Rs.45,46,285/- u/s. 54 of the Act on long term capital gains from sale of a residential house. The assessee had sold a flat on 04/08/2012. The flat sold by the assessee was jointly owned by the assessee with his wife. The assessee booked two flats in the joint name with his wife on 18/4/2011. The po...