Sec 54 requires construction completion within 3 years irrespective of purchase date

Gandraju Prabhavathi Vs Pr. CIT (ITAT Visakhapatnam)

In a recent judgment in Gandraju Prabhavati vs Pr. Commissioner of Income Tax-1, ITAT Visakhapatnam held that benefit u/s 54 can be availed even if plot was purchased prior to sale of property provided construction of the house property is completed within the time frame provided in Section 54. Appellant i.e. the assessee filed ROI on 08/09/2010 claiming total income of Rs.1,57,220/- and agricultural income of Rs.80,000 for AY 2010-11. Case was assessed u/s 147 which was

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