Tribunal held that the requirement of S. 54\u00a0of the\u00a0 Act\u00a0is for the assessee to have either purchased a residential house, being a new asset, within the stipulated period or constructed a residential house within a period of three years from the date of transfer. The section does not prescribe the completion of construction of residential house and the thrust was on the investment of net consideration received on sale of original asset and start of construction of a new residential house. It was incorrect to insist that the assessee should establish that the residential house was complete and then ask for benefit under s. \u00a054.\u00a0 Since no documentary evidence had been furnished and only a claim had been made, the issue was restored to the file of the AO. (AY.2013-14)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54 : Capital gains-Profit on sale of property used for residence-No requirement that construction of house should have been completed within specified time-Matter remanded for verification. [S. 45] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-10950","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-2QC","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=10950"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10950\/revisions"}],"predecessor-version":[{"id":10951,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/10950\/revisions\/10951"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=10950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=10950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=10950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}