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2014 (9) TMI 958 - AT - Income TaxRejection of claim for deduction under section 54 - whether the date of possession should be considered as the date of purchase of new house, since the assessee obtained a habitable house only on the date of possession? - Held that:- As decided in Kishore H. Galaiya v. ITO [2012 (9) TMI 40 - ITAT, MUMBAI] booking of a flat which is going to be constructed by a builder has to be considered as a case of "construction of flat". We have already noticed that the deduction under section 54 is available only if the assessee constructs a new house within three years after the date of transfer. In the instant case, the assessee has constructed a house prior to the date of transfer of original house, in which case, the assessee is not entitled to claim deduction under section 54 of the Act in respect of the cost of new flat. - Decided against assessee.
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