Assessee sold 1\/4th share in a residential house and invested sale consideration for construction of a new house.\u00a0 He claimed exemption under section 54 of the Act. The\u00a0 Assessing Officer denied the claim\u00a0\u00a0 on\u00a0 the ground that assessee had failed to deposit sale consideration in CGAS before due date of filing of return under section 139(1) and same was deposited after a delay of 31 days. CIT(A) allowed the claim. On appeal the Tribunal held that\u00a0 since the\u00a0 assessee had invested sale consideration towards construction of new house well within stipulated period of three years from date of sale in compliance with section 54(1), he could not be denied benefit of section 54 merely because he deposited sale consideration amount in capital gain account with a delay of 31 days. (AY. 2016-17 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 54 : Capital gains-Profit on sale of property used for residence-Invested entire amount of sale consideration towards construction of new house-Delay of 31 days in depositing the amount in capital gains account-Denial of exemption is not justified. [S. 45, 139(1)] <\/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-42890","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-b9M","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42890","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=42890"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42890\/revisions"}],"predecessor-version":[{"id":42891,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/42890\/revisions\/42891"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=42890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=42890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=42890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}