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2017 (9) TMI 1220 - ITAT MUMBAIDenying the deduction u/s 54 - whether date of final possession given by the builder has to be taken as the date of acquisition of new property for computing the capital gains u/s 54? - Held that:- The date of final occupation of the property should be considered for calculation the period of eligibility for deduction u/s 54 of the Act. If the date of possession i.e. March 2009 is taken as date of purchase of new flat as contended by the assessee in its case the assessee is entitled to deduction u/s 54 of the Act as assessee has sold residential flat on 11.09.2009 and satisfied the requirement to purchase the new residential property within the period of one year before the date of transfer of the asset sold. Thus, we allow the claim of the assessee for deduction u/s 54 of the Act. - Decided in favour of assessee.
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