Tribunal held that the authorities had misled themselves on the basis of wrong facts in holding that the purchase of the flat was out of the sale proceeds of the original asset. The capital gains had been utilised for construction of the house at Delhi and according to the provisions of the Act, the assessee did not have more than one house which was chargeable to tax under the head \u201cIncome from house property\u201d other than the residential house owned on the date of sale of the original asset. Hence, the addition made by the authorities was unwarranted.( AY.2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54 : Capital gains – Profit on sale of property used for residence \u2013
\n As on date of transfer of original asset – Not owning more than one residential house \u2014 Capital gains deposited in capital gains savings account \u2014 Completion of construction within two years from date of sale of original asset \u2014Entitled to exemption[ S.45, 54F ]<\/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":[21],"tags":[],"class_list":["post-13776","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3Ac","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13776","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=13776"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13776\/revisions"}],"predecessor-version":[{"id":13777,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13776\/revisions\/13777"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=13776"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=13776"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=13776"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}