Assessee sold a property and invested capital gain for purchasing an agricultural land which was to be converted into non-agricultural land by developer\/builder and assessee was entitled to receive a built up house property from builder. Assessee had\u00a0 paid builder for new house property before filing return\u00a0 and\u00a0 claimed exemption under section 54\u00a0 of the Act.\u00a0 Assessing Officer denied exemption on ground that new residential house was registered in name of assessee beyond stipulated period of 2 years as per provisions of section 54 of the Act. CIT(A) affirmed the order of the Assessing Officer.\u00a0 On appeal the Tribunal held that\u00a0 since the\u00a0 assessee had paid to developer to acquire new house property within specified time, assessee was eligible to claim exemption under section 54 even if new house property was registered in his name later as new house was eventually acquired out of same capital gains.\u00a0 (AY. 2015-16 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54 : Capital gains-Profit on sale of property used for residence-Purchase-Agricultural land which was to be converted into non-agricultural property-Amount paid to builder before filing of return-House is registered beyond prescribed period-Eligible to claim exemption. [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-42886","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-b9I","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42886","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=42886"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42886\/revisions"}],"predecessor-version":[{"id":42887,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42886\/revisions\/42887"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=42886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=42886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=42886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}