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Under Section 54 of the Income-tax Act, if an assessee who has earned a Capital Gain on sale of a residential house, has, within the prescribed period, purchased or constructed another residential house, then, to the extent of the cost of the new residential house, no tax in respect of such Capital Gain is payable.
Section 54(1) has been amended by the Finance (No.2) Act, 2014 by substituting constructed, a residential house, with constructed, one residential house in India. Similar amendment is made in section 54F(1).
At present deductions u/s 54, 54F, 54EC etc. are not subject to any audit or certification. The possibility that the assessee claims inaccurate amount of deduction under such provisions cannot be ruled out.
With difficulties being faced by the Real Estate Sector business (due to delay in clearances, nonavailability of finance and a sluggish demand) numerous projects are delayed in execution. As a result, an assessee who has sold a house and invested in another flat which is under construction by a builder /developer
Booking of flat in an apartment under construction must also be viewed as a method of constructing residential tenements. Commencement of construction is not relevant for the purpose of sec. 54 and it is only the completion of construction.
When the entire investment for the purchase of new house has gone through the assessee’s account then benefit u/s 54 of Income Tax Act cannot be denied on the ground the new house was purchased in the name of wife. Hence, the claim of the assessee u/s 54 of the Income Tax Act is allowed.
ITAT Ahmedabad clarifies Section 54: Exemption on capital gains for new property. Extended filing, capital gain scheme explained. Case details.
Where assessee failed to deposit the unutilized sales consideration under Capital Gain Account Scheme within the period specified under section 139(1) or 139(4), AO was justified in restricting the claim of deduction to the expenditure incurred upto the due date of filing return of income.
It was held that exemption under Section 54 only requires that the property should be of residential nature and the fact that the residential house consists of several independent units cannot be an impediment to grant relief under Section 54 even if such independent units were on different floors.
ACIT Vs Shri Dilip Ranjrekar (ITAT Bangalore) It was held that despite the non completion of the construction of the new property by the builder, the assessee would be entitled to the benefit of exemption u/s 54 of the Act. We have heard the rival contentions and perused and carefully considered the material on record. It […]
