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2016 (4) TMI 342 - AT - Income TaxEligibility for exemption U/s 54 on unregistered property purchased from son of the assessee - Seller has stated that this was only settlement- CIT(A) allowed the claim - Held that:- The assessee had entered into an agreement for purchase of house at B-37, New Lite Colony, Tonk Road, Jaipur on 29/4/2009. The transferee had paid the said consideration of ₹ 75 lacs and is willing to fulfill other conditions and has taken over possession of the same on 29/4/2009. Therefore, the transferee gets the right over the property and has become the owner of the property, therefore, for the purpose of deduction U/s 54 read with Section 2(47)(V) of the Act, the property has been transferred to him The assessee has taken possession of that house from the son and paid the consideration and as per Section 2(47)(v) of the Act, the transfer as per Income Tax Act, has been completed by the assessee. It is undisputed fact that the new property purchased from his son has not registered before the stamp authority. The son also has disclosed the capital gain on sale of residential immovable property to his father in the income tax return and paid the tax on capital gain. These facts have not been controverted by the ld DR, therefore, we uphold the order of the ld CIT(A). - Decided in favour of assessee
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