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S.54 Exemption on advance to builder- Non completion of construction & transfer of title

Case Law Details

Case Name : Shri Hasmukh N. Gala Vs Income Tax Officer (ITAT Mumbai)
Related Assessment Year : 2010-11
Courts : All ITAT ITAT Mumbai
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CA Suraj R. Agrawal

Brief- ITAT Mumbai has held in the case of Hasmukh N. Gala vs. ITO that Giving advance to builder constitutes ‘purchase’ of new house even if construction is not completed and title to the property has not passed to the assessee withi

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Author Bio

Name: Suraj R. Agrawal
Qualification: CA in Practice
Company: TransPrice Tax Advisors LLP
Location: Pune, Maharashtra, India
Member Since: 11 Feb 2019 | Total Posts: 61
With over 15 years of practical experience as a Chartered Accountant, including positions at Big 4 firms, Suraj R. Agrawal has honed expertise in a wide array of tax-related areas. He specializes in global transfer pricing, cross-border transaction structuring, international taxation, tax structurin View Full Profile

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One Comment

  1. Akhilash Patskar says:

    What in case, if advance has been given to the Colonizer, however Colonizer has taken the advance fraudulentlu and not completed the development ?
    Will this be eligible for exemption under section 54 of the Income Tax Act, 1961?

      Reply

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