Case Law Details
Case Name : CIT & Anr. Vs. Shkuntla Devi (Karnataka High Court)
Related Assessment Year :
Courts :
All High Courts Karnataka High Court
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CIT Vs. Shkuntla Devi (Karnataka High Court)
Utilization of capital gains in construction /Purchase of residential house would suffice to claim the benefit of section 54 of the Act irrespective of the fact that transaction not being complete in all respects.
Section 54 makes it explicitly clear that proceeds of sale of the property is to be reinvested within a period of two years, which would not be chargeable to tax. The intention of Legislature was to encourage the investment in the acquisition of residential house or construction thereof. The condition precedent for claiming benefit under s...
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Can we claim both the amount of investment in a residential house and the amount deposited in capital gain account under section 54?
Can we claim the amount of investment in a residential house and the amount deposited in capital gain account under section 54?