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Section 54/54F Deduction cannot be denied for delay in construction by developer
Case Law Details
- Case Name
- Abodh Borar Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Delhi
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Abodh Borar Vs ITO (ITAT Delhi)
The only issue in the appeal is the denial of deduction claimed by the assessee under section 54 and 54F of the Act. It is an undisputed fact that, firstly, the assessee has earned capital gain and has invested the same in purchase of a residential plot; secondly, the assessee has made a total investment of Rs.63,03,005/- which is more than the exemption of Rs.52,90,424/- claimed by her; and lastly, the assessee made this investment within the prescribed period. This payment was made to the developer Omaxe Chandigarh Extension Developers Pvt. Ltd. Consequent to ...
Whether depositing the Capital Gain amount with a Developer, within 3 years of the sale of residential plot, for construction of a flat, irrespective of its date of possession, is eligible for relaxation in Capital Gain Tax ? Is there any decision of IT Tribunal or Court, in this regard ?