Allowing the appeal the Tribunal held that all the flats for which the assessee claimed exemption under section 54 of the Act were situated in the same premises. The assessee was entitled to deduction under section 54 of the Act on the entire built-up area received from the builder under the joint development agreement.( AY.2009-10)
Maurice Patrick De Rebello v .ITO (2021)85 ITR 17 (SN)(Bang) (Trib)
S. 54 : Capital gains – Profit on sale of property used for residence – All flats received from builder under joint development agreement situated in same premises —Entitled to exemption on entire built-up area received [ S. 2(47)(v), 45, 54F ]