Allowing the appeal of the assessee the Tribunal held that if the assessee had purchased new house property within stipulated period of two years from date of transfer of original asset .Exemption cannot be denied on the ground that housing loan was utilised for purchase of new house property. ( AY.2011-12)
Hansa Shah v. ITO (2018) 173 ITD 260/( 2019) 69 ITR 334 / 175 DTR 212 (SMC) (Mum.)(Trib.)
S. 54 : Capital gains-Profit on sale of property used for residence – Purchase new house property within stipulated period of two years from date of transfer of original asset-Exemption cannot be denied on the ground that housing loan was utilised for purchase of new house property. [S. 45]