Allowing the appeal of the assessee the Tribunal held that, while determining claim for deduction under S. 54F in respect of purchase of flat from builder, date of issuance of allotment letter by builder has to be taken as date of acquisition of property. In respect of purchase of a residential house, mere fact that said house consisted of several independent units could not be a ground for denying the exemption. For claiming exemption the new house need not be purchased by assessee in his own name exclusively .In order to claim deduction under section 54F, new residential house need not be purchased by assessee in his own name or exclusively in his name. Sale proceeds utilised in acquisition of new residential house prior to filing of return u/s. 139(4) is eligible for exemption. (AY. 2011-12)
Kamal Murlidhar Mokashi (Mrs.) v. ITO (2019) 179 ITD 265/( 2020) 194 DTR 99/ 206 TTJ 100 (Pune)(Trib.)
S. 54F : Capital gains-Investment in a residential house–Purchase of flat from builder-Date of allotment to be taken as date of acquisition of property-House consisted of several independent units–Exemption cannot be denied–New house need not be purchased exclusively in the name of the assesee-Invested prior to date of filing of return u/s. 139(4)–Eligible for exemption. [S. 45, 139(1), 139(4)]