Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2023 (7) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2023 (7) TMI 1038 - AT - Income TaxDeduction u/s 54 - new flat was purchased beyond a period of one year from the date of transfer of the old flat - relevant date for the purpose of section 54F - HELD THAT:- As per section 54 of the Act, if the assessee within a period of one year before or two years after the date of transfer of a original residential house purchases a new residential house, or within a period of three years after such date constructs a new residential house then the benefit of section 54 will be available to the assessee on the capital gains so arisen on the transfer of the original residential house. We find that the Hon’ble jurisdictional High Court in CIT v/s Smt. Beena K. Jain [1993 (11) TMI 7 - BOMBAY HIGH COURT]in a similar factual matrix affirmed the findings of the Tribunal that the relevant date for the purpose of section 54F of the Act is the date when the assessee paid the full consideration amount and obtained the possession of the new flat Since in the present case also upon payment of full agreed consideration, the possession of the new flat was handed over to the assessee along with his wife on 07/04/2016, which falls within a period of two years from the date of sale of the old flat, i.e. 11/02/2016, therefore assessee is entitled to claim deduction under section 54 in respect of capital gains from the sale of old flat. Decided in favour of assessee.
|