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2018 (5) TMI 962 - RAJASTHAN HIGH COURTEntitlement to relief u/s 54 - Long term capital gain earned in pursuance of transfer of the residential property and used for purchase of a new asset/residential house - Held that:- A right in respect of the capital asset, viz. the property in question had been transferred by the appellants in favour of the vendee/transferee on 27th December, 2002. The sale deed could not be executed for the reason that the appellants had been prevented from dealing with the residential house by an order of a competent court, which they could not have violated. In view of the aforestated peculiar facts of the case and looking at the definition of the term ‘transfer” as defined under Section 2(47) of the Act, benefit of exemption u/s 54 allowed.
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