Assessee transferred shares held by him in two companies on 21-8-2008 and claimed\u00a0 exemption under section 54F on account of purchase of new residential house property for which sale deed was executed on 28-3-2011. Tribunal held that\u00a0 the payment were\u00a0 made prior to one year before date of transfer of shares and, therefore, assessee was not entitled to claim exemption. On appeal the Court held that\u00a0\u00a0 since sale deed was executed in favour of assessee within a period of three years from date of transfer of shares, finding recorded by Tribunal that payments were made prior to one year before date of transfer of shares\u00a0 was not entitled to claim exemption under section 54F was perverse. Court also observed that for claiming exemption under section 54 of the Act is dependent on date of acquisition\u00a0 of property and not on the date of payment and it is not necessary that same sale consideration should be used for construction of a new house property.\u00a0 Benevolent provision should be interpreted liberally in in mind for which the provision is enacted (AY.\u00a0 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54F : Capital gains-Investment in a residential house-Relevant is date of acquisition of property and not on date of payment-It is not necessary that same sale consideration should be used for construction of a new house property-Allowed exemption.-Interpretation of taxing statutes- Beneficial provision -Interpreted liberally . [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":[21],"tags":[],"class_list":["post-23414","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-65E","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/23414","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=23414"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/23414\/revisions"}],"predecessor-version":[{"id":26395,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/23414\/revisions\/26395"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=23414"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=23414"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=23414"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}