Capital gain exemption under section 54 of the Income Tax Act

Capital gain exemption under section 54 of the Income Tax Act 


The Delhi bench of the ITAT has allowed the capital gain exemption under section 54 of the Income Tax Act on the grounds that the amount equivalent to the capital gains has been used for the acquisition of a new house. In this case, the agreement for sale was signed on 08.08.2014 and the payments have been completed by 08.10.2014. Since, the amount equivalent to the capital gains has been utilized for acquisition of new house, the assessee be permitted to avail the benefit allowable u/s 54 of the Act. (ITA No.6933/Del/2019)



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