Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (1) TMI 703 - AT - Income TaxExemption u/s 54F - assessee was given undivided 10% share in the schedule property mentioned in Schedule A and the same has been described in Schedule B property. Schedule C property is a 3 bedroom apartment flat no.302 on the second floor of the apartment building known as Silver Oak - It is true that as per the sale agreement, the assessee was required to pay more than Rs.34,51,500 - Proviso to section 54F(1) is applicable in case the assessee purchases residential house within a period of one year or constructs a residential house within a period of 3 years after the date of transfer of the original asset - Held that: section 54F will be applicable in the case of the assessee in respect of apartment in Sobha Daisy, however, in case it is finally held that proviso will be applicable then the capital gain is to be chargeable in the previous year in which residential house is made or constructed and not in the asst. year under consideration - Decided in favor of the assessee
|