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TMI Blog2022 (12) TMI 796X X X X Extracts X X X X X X X X Extracts X X X X ..... ee is allowed. - ITA No.6933/Del/2019 - - - Dated:- 16-12-2022 - Dr. B. R. R. Kumar, Accountant Member And Sh. Yogesh Kumar US, Judicial Member For the Assessee : Ms. Renu Suri, CA And Sh. Tarun Khandhari, CA For the Revenue : Sh. Kanav Bali, Sr. DR ORDER PER DR. B. R. R. KUMAR, ACCOUNTANT MEMBER: The present appeal has been filed by the assessee against the order of the ld. CIT(A)-1, Gurgaon dated 18.06.2019. 2. The assessee has raised the following grounds of appeal: 1. That the order is bad in law and against the fact of the case. 2. That the ld. Assessing officer has erred in not considering the Payment made for the Purchase of the new property for Exemption U/S 54. 3. That Ld. Assessing o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ded family, the capital gain arises from the transfer of any long-term capital asset, not being a residential house (hereafter in this section referred to as the original asset), and the assessee has, within a period of one year before or two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, one residential house in India (hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,- (a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under se ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... structs, within the period of three years after such date, any residential house, the income from which is chargeable under the head Income from house property , other than the new asset, the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of such new asset as provided in clause (a), or, as the case may be, clause (b), of sub-section (1), shall be deemed to be income chargeable under the head Capital gains relating to long-term capital assets of the previous year in which such residential house is purchased or constructed. (3) Where the new asset is transferred within a period of three years from the date of its purchase or, as the case may be, its construc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... new asset : Provided that if the amount deposited under this sub-section is not utilised wholly or partly for the purchase or construction of the new asset within the period specified in sub-section (1), then,- (i) the amount by which- (a) the amount of capital gain arising from the transfer of the original asset not charged under section 45 on the basis of the cost of the new asset as provided in clause (a) or, as the case may be, clause (b) of sub-section (1), exceeds (b) the amount that would not have been so charged had the amount actually utilized by the assessee for the purchase or construction of the new asset within the period specified in subsection (1) been the cost of the new asset, shall be charged unde ..... X X X X Extracts X X X X X X X X Extracts X X X X
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