Allowing the appeal of the assessee the Tribunal held that ; the assessee has made investment within the stipulated period and the investment was more than the capital gains earned. Accordingly the assessee is entitle to exemption though the assessee has purchased a new residential house before sale of another residential house owned by him.( AY.2012-13)
Yatin Prakash Telang v. ITO (2018) 171 ITD 705/ 170 DTR 329/195 TTJ 892 (Mum)(Trib.)
S. 54 : Capital gains – Profit on sale of property used for residence-Purchased new residential house before sale of another residential house owned -Investment is made within the stipulated period and the investment was more than the capital gains earned- Entitle to exemption. [ S.45,54F ]