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2011 (6) TMI 463 - AT - Income TaxTaxable event in case of transfer of immovable property- Applicability of 50C & Exemption under 54F - Held that:- 2(47) transfer, in relation to a capital asset, includes,(v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882 (4 of 1882). As regards to applicability of section 50C it is stated that section 50C of the Act was inserted by the Finance Act, 2002 w.e.f. 1.4.2003 and thus, is not applicable to the assessee's case. Once it is a fact that the transfer took place as on 28.12.2000, the provisions of section 50C which was made applicable w.e.f. 1.4.2003 i.e., for and from assessment year 2003-04, the same will not apply to assessment year 2001-02, when the capital asset of the assessee was transferred As regards to allowance of exemption u/s. 54F,The assessee has also made investment of the sale consideration of plot of land of her share in purchase of residential flat for a total cost of Rs. 23.50 lac vide Deed of Agreement for Sale dated 23.3.2001 and possession of the flat was also delivered to the assessee on 27.4.2001, the conditions for exemption u/s. 54 of the Act are fulfilled and assessee is eligible for exemption. The issue under consideration is allowed in favour of the assessee in entirety.
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