Allowing the appeal the Tribunal held, physical possession of the property after completion of the entire work was handed over to the assessee on April 19, 2014 and this would fall within one year before the date of transfer of the property at Delhi on February 24, 2014. Considering the entire material on record the assessee was entitled to deduction under section 54 of the Act. (AY. 2014-15)
Ashok Kumar v. ITO (2021) 86 ITR 576 (Delhi)(Trib.)
S. 54 : Capital gains-Profit on sale of property used for residence-Purchase of property within one year before transfer-Actual possession handed over by within one year after transfer of second Property-Entitled to deduction. [S. 45]