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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 […]
In the case of more than one properties are purchased by the assessee, the option is available with the assessee to claim benefit under Section 54 in respect of the residential house purchased for the assessee’s own residence.
This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals) -20, Mumbai dated 17.04.2014 for the Assessment Year 2010-11. The only grievance of the assessee in his appeal is that the Ld.CIT(A) erred in denying the deduction u/s 54 of the Act.
On the facts and circumstances of the case the Assessing Officer has erred in computing long term capital gain at Rs. 99,57,265/-. 2. That the Commissioner (Appeals) is wrong in not granting exemption under section 54 and 54F of the Income Tax Act on the amount invested for the purchase of residential plot and deposits made under capital gain in the Bank.
The only limitation prescribed by section 54 is that construction of new house ought to have been completed within a period of three years and said section does not prescribe any condition vis-a-vis the commencement of construction, therefore, assessee was entitled to deduction under section 54 even in respect of amount invested prior to the date of transfer of original asset.
