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2015 (10) TMI 1714 - AT - Income TaxExemption claimed u/s 54 or alternative claim u/s 54F - whether the property sold is a vacant land or residential house property? - whether the property takes the character of land or house property? - CIT(A) allowed the claim - Held that:- The property was sold on 03.07.2009. Even though it is vacant land, without prejudice to the rights of the assessee, assessee is eligible for exemption under Section 54F of the Act. Before the due date under Section 139(1) of the Act, the assessee has deposited long term capital gains in Capital Gains Account Scheme and complied with the pre-conditions and also took the possession of the property on 30.05.2012 and there is no dispute of possession by the A.O. in the assessment order. Further, the Ld. D.R. relied on the judgment of Andhra Pradesh High Court in CIT v. Smt. Zaibunisa Begum (1984 (7) TMI 62 - ANDHRA PRADESH High Court) where Lordships have considered the issue in respect of transfer of building and land appurtenant, and the issue is on different facts where the construction was in a smaller area compared to the open land left on which the building is constructed. The same cannot be applied to the present case, as the assessee in toto has sold the land along with building. - Decided in favour of assessee.
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