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2018 (4) TMI 325 - ITAT KOLKATAExemption u/s. 54 - LTCG - assessee had availed house building loan from bank for purchasing a new residential unit - Held that:- Section 54 of the Act provides that the assessee has to purchase a house property for the purpose of his own residence within the period of one year on or after the date on which the transfer of property took place or assessee should have constructed a house property within a period of 2 years after the date of transfer. - It is clear from the AO’s order that the assessee sold his residential units during the financial year 2009-10 and purchased a new residential flat, got its possession on 17-06-2010 and it is well within time prescribed in the Act involving section 54 and thereby the assessee is entitled to claim exemption u/s. 54 - Merely because assessee had availed house building loan of ₹ 82.50 lacs from bank for purchasing a new residential unit, that cannot act as a disqualification for claim of exemption u/s 54 when the primary conditions imposed in Sec. 54 of the Act were satisfied. - Decided in favour of assessee
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