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2012 (8) TMI 86 - AT - Income TaxCapital gains - fair market value of immovable property as on 01.04.1981 - cost of indexation - Exemption u/s 54 of the Act - purchased of a new house or deposit an amount in the capital gain scheme before the due date of filing of return – Held that:- property was acquired by the material grand father of appellant being a society member in 1951. Though there was dispute between Govt. of Delhi and society, and finally wife of late Bipin Chandra got the land registered by the society in her name in 1984 (06.02.1984). The portion of land had come to appellant’s share due to inheritance. - Fair market Value as on 1.4.1981 to be accepted. Assessee in his revised computation of capital gain enclosed as annexure to this order before the completion of assessment proceedings before Assessing Officer - assessee had invested in the new property within the time allowed u/s 139 (4) of the Act, the assessee will be entitled for exemption u/s 54 of the Act to the extent the amount invested in the new property – In favor of assessee
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