9911796707
TMI Blog2021 (5) TMI 871X X X X Extracts X X X X X X X X Extracts X X X X ..... , both the assessees are related to each other and the facts and circumstances and the grounds raised are similar. Therefore, all the three appeals were heard together and are disposed of by this common and consolidated order. 2. Brief facts of the case are that the assessee Smt. Bachupally Laxmi and the assessee Shri Kaushik Routhu are mother and son and are owners of land to the extent of 363 sq. yards and 121 sq. yards respectively in Suryapet. Both the assessees along with two others i.e. Smt.Devi Reddy Renuka and Smt. Nallapattu Saraswathi who also hold 242 sq. yards lands each in the adjoining plots, entered into a development agreement dated 9.11.2009 with a builder for construction of a residential apartment. Now the ratio of share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions of subsection 3 of section 54F are attracted. He held that the exemption granted u/s 54F of the Act to the assessees in the A.Y 2010-11 has to be withdrawn in the A.Ys 2013-14 in the case of Smt. Lakshmi and in the case of Shri Koushik in the A.Y 2014-15. He accordingly brought the LTCG to tax. 3. Further, with regard to the capital gain arising out of the sale of flat, he held that the gain arising thereon is Short-Term Capital Gain (STCG) since the assessee has not held the asset for more than 3 years. Thus, he withdrew the exemption granted u/s 54F in the A.Y 2010-11 and also brought the STCG on sale of flat to tax. In the case of Smt. Lakshmi for the A.Y 2014-15, the Assessing Officer withdrew the exemption granted u/s 54F on a pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urged at the time of hearing". 3. The learned Counsel for the assessee while reiterating the submissions made before the authorities below submitted that for the purpose of computation of LTCG arising out of the development agreement cum GPA, the Assessing Officer has accepted that the assessee has acquired the flats as on 9.11.2009 and therefore, in the year 2012 when the assessee has sold the flat, the holding period has to be held as more than 3 years and the provisions of sub-section 3 of section 54F are not applicable. Similarly, the gain arising out of the sale of flat also has to be held as LTCG and not STCG as held by the Assessing Officer. She further submitted that in the case of co-owners i.e. Smt. Devi Reddy Renuka and Smt. Na ..... X X X X Extracts X X X X X X X X Extracts X X X X
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