Assessee sold the shop in February 2012 and purchased a residential flat in April 2016. Assessee claimed exemption under section 54F\u00a0 of the Act. The\u00a0 Assessing Officer disallowed the claim of exemption, which was affirmed by the CIT(A). On appeal, the assessee contended that though the registered sale deed was executed in April 2016, the assessee had booked a flat in December 2010 and had made substantial payment for the same in the financial year 2011-12. Tribunal remanded the issue to the Assessing Officer for verification of payments, and if substantial payment was made during the relevant period or within two years from the date of sale of the shop, the benefit of section 54F would be allowed to the assessee. (AY. 2012-13)<\/p>\n","protected":false},"excerpt":{"rendered":"
S.54F: Capital gains-Investment in a residential house-Sale of shop in February, 2012-Booked flat in December, 2010-Purchase of residential Flat in April, 2016-Entitled to exemption if substantial payment for said flat was made during relevant period or within two years from date of sale of shop-Matter remanded. [S.45, 50C]<\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[21],"tags":[],"class_list":["post-60904","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-fQk","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60904","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=60904"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60904\/revisions"}],"predecessor-version":[{"id":60905,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/60904\/revisions\/60905"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=60904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=60904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=60904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}