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| The Tax Publishers2020 TaxPub(DT) 2397 (Del-Trib) : (2020) 184 ITD 0378 INCOME TAX ACT, 1961
Section 54F
As new asset, i.e., residential house had been purchased within two years from date of transfer of the original asset, i.e., shares, assessee was entitled for benefit under section 54F, though such purchase was made within two years prior to transfer of original asset.
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Capital gains - Deduction under section 54F - Allowability - Purchase of residential house within two years prior to transfer of original asset
Assessee sold certain shares on 2-9-2011 and claimed deduction under section 54F as regards capital gains on account of purchase of flat having taken place on 29-9-2009. AO denied deduction on the ground that residential house has been purchased prior to time period provided in section 54F, assessee was not entitled for benefit under section 54F. Held: As new asset, i.e., residential house had been purchased within two years from date of transfer of the original asset, i.e., shares, assessee was entitled for benefit under section 54F.
Applied:Ayushi Patni v. Dy. CIT [ITA No. 1424/Pun/2016] : 2019 TaxPub(DT) 0802 (Pune-Trib).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
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