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Exemption u/s. 54 cannot be denied Merely for Housing Loan availment by Assessee
Case Law Details
- Case Name
- Amit Parekh Vs I.T.O. (ITAt Kolkata)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2010-11
- Courts
- All ITAT, ITAT Kolkata
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Amit Parekh Vs ITO (ITAt Kolkata)
Section 54 of the Act provides that the assessee has to purchase a house property for the purpose of his own residence within the period of one year on or after the date on which the transfer of property took place or assessee should have constructed a house property within a period of 2 years after the date of transfer. We find that it is clear from the AO’s order that the assessee sold his residential units during the financial year 2009-10 and purchased a new residential flat, got its possession on 17-06-2010 and it is well within time prescribed in the A...
