Held that investment in property was made prior to due date of filing of return of income under section 139(4) entitle to exemption. Held that entire payment towards investment in new flat within period of three years from date of transfer of original asset, amount was to be treated as invested in purchase/construction of new residential property. Entitle to exemption. (AY. 2011-12)
Harminder Kaur (Smt.) v. ITO (2021) 188 ITD 922 (Delhi) (Trib.)
S. 54 : Capital gains-Profit on sale of property used for residence-Sale consideration paid to purchase of another residential property prior to due date of filing of return-Entitle to exemption-Purchase of property-Entire consideration was paid for booking flat with in three years from date of transfer of original asset-Entitle to exemption. [S. 139(4)]