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Completion of construction not required for claiming benefit u/s. 54: ITAT Bangalore
Case Law Details
- Case Name
- DCIT Vs Bagalur Krishnaiah Shetty Vijay Shanker (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Bangalore
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DCIT Vs Bagalur Krishnaiah Shetty Vijay Shanker (ITAT Bangalore)
ITAT Bangalore held that exemption under section 54 of the Income Tax Act allowable based on the amount utilised towards construction of new house property where the construction is not complete.
Facts- During the course of assessment, AO noticed that the assessee had sold a property for a consideration of Rs. 18,70,00,000/- and after claiming deduction towards selling expenses and indexation on cost of acquisition has arrived at a long term capital gain of Rs. 12,81,11,799/-. AO further noticed that the assessee...
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