The Assessee constructed a house upon said land in the financial year 2013-14 and sold said land along with one part of a house constructed upon the land in the same financial year for a consideration of a certain amount. She further made investments in new residential house property and, accordingly, claimed exemption under section 54 of the Act. Held that building\/house constructed was sold within 36 months of construction and, hence, capital gains arose on it being a short-term capital gain was not eligible for exemption under section 54 of the Act.\u00a0 However, since the assessee had held land for more than thirty-six months before its sale, exemption under section 54 was to be allowed on long-term capital gains realised on the sale of land.\u00a0 Tribunal held that consideration towards land has to be assessed as long-term capital gains.\u00a0 Deductions on account of the construction of the boundary wall and the filling of soil were disallowed due to failure to provide any evidence.\u00a0 (AY. 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54 : Capital gains-Profit on sale of property used for residence-Short term-Long term-Land-House constructed was sold in the same year of construction-Assessable as short term-Exemption is available only to long term capital gains-Consideration towards land to be assessed as long term capital gains-Cost of boundary walls-Deduction-Evidence was not produced-Deduction was denied. [S. 2(29A), 2(29B), 2(42A), 2(42B), 45, 48] <\/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-33850","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-8NY","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33850","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=33850"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33850\/revisions"}],"predecessor-version":[{"id":33851,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/33850\/revisions\/33851"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=33850"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=33850"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=33850"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}