Case Law Details
Case Name : Sanjeev Lal Vs CIT (Supreme Court of India)
Related Assessment Year :
Courts :
Supreme Court of India
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In the instant case, the following three dates are not in dispute. The residential house was transferred by the appellants and the sale deed had been registered on 24th September, 2004. The sale deed had been executed in pursuance of an agreement to sell which had been executed on 27th December, 2002 and out of the total consideration of Rs. 1.32 crores, Rs. 15 lakhs had been received by the appellants by way of earnest money when the agreement to sell had been executed and a new residential house/new asset had been purchased by the appella
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Hi,
Does the above case law implies that if agreement to sale is made to available benefit of exemption of capital gain u/s 54, full payment towards the new residential house property need not be made?
For example:-
Capital Gain- Rs. 25 lakhs
Agreement to Sale value for new residential House property= Rs. 30 lakhs.
Payment made during the stipulated period as per IT Rules= Rs. 10 lakhs.
So claimable exemption amount will be Rs. 10 lakhs or Rs. 25 lakhs?
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