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2013 (10) TMI 776 - AT - Income TaxDeduction u/s 54F of the Income Tax Act – Construction after the date of transfer of capital asset – Held that:- Transfer with respect to 4 flats by means of registered sales deed took place in FY 2008-09 relevant to AY 2009-10 - Building was constructed between 1.2.2007 and 23.10.2008 and the BU permission was granted by AMC on 23.10.2008 meaning thereby that no construction activity took place after 23.10.2008. For grant of deduction u/s 54F in case of construction of a residential house, the condition is that the assessee has within a period of three years after the date of transfer of long term asset, constructed a residential house. In the present case, since the construction took place prior to the date of transfer, CIT(A) has rightly appreciated the facts and by his well reasoned order held that Assessee is not eligible for deduction u/s 54F - Ld. A.R. could not bring any decision of any High Court in support of his contention where it has been held that even the construction of residential house before the date of transfer would be eligible for deduction u/s 54F – Decided against the Assessee.
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