Case Law Details
Case Name : Commissioner of Income Tax Vs Ram Gopal (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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Brief Facts
1. The assessee reported sales of two capital assets in the form of half shares in a residential property in Marine Drive, Mumbai and half share in a Kashmere Gate, property. The assessee claimed that a sum of Rs. 73,27,000/- was used to acquire another property within a period stipulated in Section 54. It also claimed, inter alia, that a sum of Rs 25,14,700/- was spent towards cost of improvement.
2. The Assessing Officer rejected the assessee’s contention and held that in the absence of an agreement to sell, the rights acquired by the provisional booking of the property did not...
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I had sale my house in Aug,2011. My long term capital worked out to Rs 1.07crores. I had booked new flat on 11th July,2011 which was under construction by paying 2lacs as earnest money. Allotment letter Dt 11th July,2011 was issued to me by builder.The total cost of new flat was Rs 1.05 Crores.Sale deed agreement was signed with builder in Dec,2014 i.e Registration of agreement. Balance amount i had paid in instalment till March,15 and got possession of flat in August,15.As per income tax AO i am not entitle for Capital gain benefit as i had paid only 2lacs as initial payment and got allotment letter. Rest i had paid in instalment.Secondly i have done registration of flat in Dec,2015.As per AO Allotment letter would represent only right to purchase a flat. As per AO i will be entitle to own property only after registration of property & stamp duty paid by me and not by mere allotment letter. I had appealled aginst AO order. As on today my case is with Commissioner of IT Appeals. He will favour me if similar case has gone in favour of assesse in IT Tribunal or in Appelent body or high court or supreme court. Requesting you to help me in quoting cases similar to my case gone in favour of Assesse like me.