Case Law Details
Case Name : Asstt. CIT Vs M. Raghuraman (ITAT Chennai)
Related Assessment Year : 2013-14
Courts :
All ITAT ITAT Chennai
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ACIT Vs M. Raghuraman (ITAT Chennai)
A bare reading of section 54 of the Act clearly says that in case the assessee purchased a residential house in India or constructed a residential house in India within the period stipulated in section 54(1) of the Act, the assessee is eligible for exemption under section 54 of the Act. Section 54(2) of the Act clearly says that in case the capital gain, which is not appropriated by the assessee towards purchase of new asset or which is not utilized in purchase of residential house or construction of residential house, then it shall be deposited in a specif...
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