Assessee sold her immovable property and earned long term capital gain. The assessee has also entered into an new agreement to purchase the new residential flat vide agreement to sell and made periodic payment in instalments. Possession of flat was received within period of 3years after date of sale on which capital gain had accrued. Assessee claimed exemption under section 54.\u00a0 The AO denied the \u00a0exemption u\/s 54 on the ground that the assessee did not purchase the new asset against this sale within one year before. i.e \u00a011.11.2014 till 11.11.2011. \u00a0On appeal the Tribunal held that the assessee had a window up to 11.11.2014 to construct house property. The assessee \u00a0has received the possession of\u00a0 the\u00a0 flat\u00a0 on 23 -4 -2012\u00a0\u00a0 which is\u00a0 within three\u00a0 years after the date of the sale , hence eligible\u00a0 for exemption ( AY. 2012 -13 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54 : Capital gains – Profit on sale of property used for residence -Purchase of residential unit from builder \u2013 Flat received within three years from sale of property \u2013 Date of possession shall be construed as completion of construction . [ 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-39596","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-aiE","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39596","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=39596"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39596\/revisions"}],"predecessor-version":[{"id":39597,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/39596\/revisions\/39597"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=39596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=39596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=39596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}