Section 54 Exemption when Agreement to sell old property and investment in new residential property within one year

Gautam Jhunjhunwala Vs ITO (ITAT Kolkata)

The definition of ‘transfer’ defined under section 2(47) of Income Tax Act, 1961  is that when any right of any capital assets is extinguished and right is transferred to someone, it would amount to transfer of a capital asset. Once an agreement to sale is executed in favour of transferee, the said transferee gets a right to get the property

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