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TMI Blog2016 (8) TMI 1008X X X X Extracts X X X X X X X X Extracts X X X X ..... dered opinion that there was a transfer of property within the meaning of sec. 2(47)(vi) of the Act on 20.1.2006. Hence, the capital gain arising out of the transfer has to be assessed during the year under consideration. The schedule to the development agreement clearly shows that what was transferred by the assessee is a residential house and not the vacant land, therefore, the contention of the ld. DR is misconstrued. When the assessee has transferred the residential house alongwith the land, this Tribunal is of the considered opinion that the assessee is eligible for exemption u/s 54 of the Act. Coming to the claim of the assessee u/s 54F of the Act, even assuming that what was transferred is only a vacant land, the assessee is el ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15 - - - Dated:- 22-7-2016 - SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER For The Appellant : Shri J. Prabhakar, CA For The Respondent : Shri A.V. Sreekanth, JCIT ORDER PER N.R.S.GANESAN, JUDICIAL MEMBER This appeal of the assessee is directed against the order of the Commissioner of Income-tax (Appeals)-15, Chennai, dated 28.1.2015 and pertains to assessment year 2006-07. 2. The only issue arises for consideration is computation of capital gains on exemption claimed by the assessee u/s 54/54F of the Act. 3. Shri J. Prabhakar, ld. Representative for the assessee submitted that this is second round of litigation before this Tribunal. In the first round of litigation, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer has also disallowed the claim of the assessee u/s 54F of the Act on the ground that the assessee has invested in more than one flat. The Assessing Officer has also found that the assessee has transferred the house in which the investment was made within three years from the date of purchase. According to the ld. Representative, the assessee was allotted two residential units in the same block, therefore, it has to be construed as one residential unit. The transfer of the asset was not for sale but it was settled in favour of the assessee s son and daughter. When the assessee settled one of the flat in favour of her son and daughter, it cannot be construed as sale of the plot. Therefore, according to the ld. Representative, the CIT(A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng to the claim of the assessee u/s 54F of the Act, the ld. DR submitted that the assessee was having two flats on the date of investment. Moreover, one of the flat was transferred by way settlement in favour of her son and daughter within three years, therefore, the assessee is not eligible for exemption u/s 54F also. 5. We have considered the rival submissions on either side and also perused the material available on record. The assessee admittedly entered into a development agreement on 20.1.2006 with M/s Doshi Housing Ltd. The assessee has executed two power of attorney nominating agents one for making applications for building approval and another for sale of the property. The assessee in fact nominated one Shri Mohul H. Doshi as he ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat was transferred by the assessee is a residential house and not the vacant land, therefore, the contention of the ld. DR is misconstrued. When the assessee has transferred the residential house alongwith the land, this Tribunal is of the considered opinion that the assessee is eligible for exemption u/s 54 of the Act. 7. Now coming to the claim of the assessee u/s 54F of the Act, even assuming that what was transferred is only a vacant land, the assessee is eligible for exemption u/s 54F of the Act. The assessee s claim for exemption u/s 54F of the Act was rejected on the ground that the assessee was having two flats and one of the flat was transferred within a period of three years. This Tribunal is of the considered opinion that eve ..... X X X X Extracts X X X X X X X X Extracts X X X X
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