The assessee would be entitled to claim exemption under S.54 to extent he had invested capital gain on sale of old residential flat towards purchase of new residential property up to date of filing of his revised return of income under section 139(5) of the Act. ( AY. 2013-14 )
Rajendra Pal Verma v. ACIT (2019) 176 ITD 211/ 178 DTR 169/ 199 TTJ 873 (Mum.)(Trib.)
S. 54 : Capital gains-Profit on sale of property used for residence- -Investment in purchase of new residential property up to date of filing of his revised return- Entitle to exemption. [S. 139(5)]