New property cost for exemption u/s 54 has to be as per collaboration agreement & sale deed

Ramesh Chandna Vs ACIT (ITAT Delhi)

ITAT Delhi held that cost of new property for the purpose of exemption under section 54 has to be assumed to be value of interests and share in the new construction, as per the collaboration agreement and the sale deed terms.

Facts- During the year, assessee has showed capital gains from the sale of a 50% share in a property which was inherited by him along with his brother Mr Naresh Chandna, in 50% share each. Assessee claimed that, both the brothers had sold their

Please become a Premium member. If you are already a Premium member, login here to access the full content.