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ACIT, Circle 72 (1) , New Delhi Versus Sh. Vineet Kumar Kapila

Long Term Capital Gain - exemption u/s. 54 entitlement - Held that - We are of the view that booking of flat with the builder has to be treated as construction of flat by the assessee and hence period of three years would apply for construction of new house from the date of transfer of long term capital asset. Therefore, the Ld. CIT(A) has rightly allowed the exemption u/s. 54 because in the present case also the flat booked with the builder by the assessee has to be considered as a case of cons....... + More

 

 

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