Exemption u/s 54 duly available as construction of residential house completed within 3 years

Hemant Shridhar Phatak Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that the assessee is eligible to claim exemption u/s. 54 of the Income Tax Act as the construction of residential house completed within three years from the relevant date.

Facts- The assessee in its return of income claimed exemption of Rs.45,46,285/- u/s. 54 of the Act on long term capital gains from sale of a residential house. The assessee had sold a flat on 04/08/2012. The flat sold by the assessee was join

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