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 24.07.2010 which was purchased beyond the period of one year (to be purchased from 06.08.2010). After submission from the ...