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October 2024

Deduction under Sections 54 and 54F can be claimed simultaneously qua investment in the same new asset. The covenants in the sale deed executed and registered are conclusive in the absence of any evidence to the contrary. The crucial date for the purpose of determination of date of purchase for the purpose of section 54 is the date when the possession and control of the property is given to the purchaser’s hands.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 4 mins

42 RamdasSitaramPatil vs. ACIT

TS-618-ITAT-2024(PUN)

ITA No. 621/Pune/2022

AY: 2016-17

Date of Order: 7th August, 2024

Sections: 54 and 54F

Deduction under Sections 54 and 54F can be claimed simultaneously qua investment in the same new asset.

The covenants in the sale deed executed and registered are conclusive in the absence of any evidence to the contrary.

The crucial date for the purpose of determination of date of purchase for the purpose of section 54 is the date when the possession and control of the property is given to the purchaser’s hands.

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