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2018 (5) TMI 1275 - GUJARAT HIGH COURT
Entitlement to benefit of deduction u/s 54F - construction of the flats for personal use was completed before the sale of the capital asset - Held that:- The assessee’s claim for deduction u/s.54F of the Act cannot succeed except in relation to the transfer of a flat in favour of Kankuben Mansingbhai Patel, which had happened before the completion of construction. In such a case, since construction can be stated to have been carried out after the transfer of the original capital asset, the claim of deduction u/s.54F of the Act cannot be denied. To this limited extent, the appeal succeeds. The Assessing Officer to recompute the deduction accordingly.