Date of handing over of possession of new property relevant for deduction u/s. 54

Satyamurti Ramasunder Vs ACIT (ITAT Delhi)

ITAT Delhi held that deduction under section 54 of the Income Tax Act is allowable based on handing over of possession and not based on payment of consideration. Date of handing over of possession of new property is relevant for deduction u/s. 54.

Facts- Notice u/s 154 was issued by AO stating that Long Term Capital Gain was not deductible u/s 54 as original asset was transferred on 05.08.2011. Where ready build house purchased on

Please become a Premium member. If you are already a Premium member, login here to access the full content.