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2018 (5) TMI 1583 - AT - Income TaxGranting exemption u/s 54 in respect of reinvestment made by the assessee in three houses - year of assessment - modified occupancy certificate issued to the assessee considering the entire building as a combined single building - Held that:- Prior to the amendment in section 54 with effect from Asst Year 2015-16 onwards, as long as the investment is made in residential house/(s), then the assessee would be eligible for exemption u/s 54 for the entire reinvestment subject to the maximum of long term capital gains amount. Only after Asst Year 2015-16, the exemption u/s 54 would have to be restricted to reinvestment in one residential house only and the said amendment cannot be applied retrospectively. - Decided in favour of the assessee.
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