July 2019

Section 54A Acquisition of an apartment under a builder-buyer agreement wherein the builder gets construction done in a phased manner and the payments are linked to construction is a case of purchase and not construction of a new asset Even in a case where construction of new asset commenced before the date of sale of original asset, the assessee is eligible for deduction of the amount of investment made in the new asset

Jagdish D. Shah | Jagdish T. Punjabi
Chartered Accountants

8  Kapil Kumar Agarwal vs. DCIT (Delhi) Members: Amit Shukla (JM) and Prashant Mahrishi (AM) ITA No. 2630/Del./2015 A.Y.: 2011-12 Date of order: 30th April, 2019 Counsel for Assessee / Revenue: Piyush Kaushik / Mrs. Sugandha Sharma

 

Section 54A Acquisition of an apartment under a builder-buyer agreement wherein the builder gets construction done in a phased manner and the payments are linked to construction is a case of purchase and not construction of a new asset Even in a case where construction of new asset commenced before the date of sale of original asset, the assessee is eligible for deduction of the amount of investment made in the new asset

 

FACTS

During the previous year relevant to the assessment year under consideration, the assessee, an individual, sold shares held by him as long-term capital asset. The long-term capital gain arising from the sale of shares was claimed as deduction u/s. 54F of the Act. In the course of assessment proceedings, the AO noted that the shares were sold on 13th July, 2010 for a consideration of Rs. 80,00,000 and a long-term capital gain of Rs. 79,85,761 arose to the assessee on such sale. The assessee claimed this gain of Rs

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