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2011 (9) TMI 105 - ITAT MUMBAIExemption u/s 54F - part Performance u/s 53A of Transfer of Property Act- transfer u/s 2(47) - Claim of exemption u/s 54F against purchase of two properties - assessee argued that since the flat has not been actually allotted to the assessee, firstly the transaction should be held as not amounting to transfer and if at all it is to be considered as a transfer then the consideration on account of valuation of flat at Rs. 19.06 lakh be excluded. - Held that:- it is clear that since the assessee entered into agreement with the developers for transfer of the property, handed over the possession who in the mean time constructed flats thereon and also received consideration of Rs. 20 lakh in cash, it is difficult to hold that there was no transfer u/s 2(47). It clearly amounted to transfer giving raise to charge of capital gain. Exemption u/s 54F - Held that:- since exemption u/s 54F is available only in respect of one flat, in our considered opinion the authorities below were justified in granting this relief only in respect of one flat, which was acquired by the assessee in this year. - Decided against the assessee.
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