Case Law Details
Kamlesh Keswani Vs ACIT (Delhi High Court)
HC held that petitioner is entitled to claim exemption under Section 54 of the Act on these admitted facts, as the conditions stipulated in Section 54 stand fulfilled. The New Property would be treated as the property purchased by the petitioner in his name and merely because he has included the name of his wife and the property has been purchased in the joint names, it would not disentitle the petitioner from claiming the exemption under the statutory provisions.
FULL TEXT OF THE JUDGMENT/ORDER OF DELHI HIGH COURT
1. Present writ petition has been filed seeking direction for setting aside the order dated 28th July, 2022, passed by the respondent under Section 148A(d) of the Income Tax Act, 1961, (the ‘Act’) and notice dated 28th July, 2022, issued under Section 148 of the Act with respect to the Assessment Year (‘AY’) 2015-16.
2. Learned counsel for the petitioner states that the facts arising for consideration in the present proceedings are admitted and there is no dispute in this regard. He states that on 25th February, 2015, the property situated at B-83, Defence Colony, New Delhi, (‘Delhi Property’) comprising of the entire second floor and 50% of the share of the terrace above the third floor along with 20% undivided, indivisible and impartible ownership rights in the said plot of land was sold by the petitioner herein for a sale consideration of Rs. 2 Crores. He states that balance 50% share of the terrace above the third floor which was owned by his brother, Sh. Parkash Keshwani, was sold by the said brother for Rs. 5 Lakhs. He states that the sale consideration of Rs. 2 Crores was received by the petitioner and the buyer deducted 1% Tax Deducted at Source (TDS) on the said sale consideration. He states that petitioner declared the receipt of the said amount of Rs. 2 Crores as Long Term Capital Gain (‘LTCG’) in his Income Tax Return (‘ITR’) for AY 2015-16. He states that subsequently on 01st June, 2015, the petitioner purchased a new property situated at Sector-31-32A, Gurugram, Haryana (‘New Property’) for a total consideration of Rs. 2,54,20,000/- jointly with his wife Mrs. Rekha Keswani. He states that the entire sale consideration in respect of the purchase of the New Property was paid from petitioner’s bank account. He also states that the stamp duty payable on the sale deed dated 01st June, 2015, was also incurred by petitioner. He states that all the aforesaid transactions are duly recorded in petitioner’s bank account statement held with the HDFC Bank.
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