Assessee entitled to exemption u/s 54F/54 as possession of new ...

Exemption u/s 54F/54 allowed if new property acquired within 1 year before sale; possession date key, not legal transfer.

Case Laws Income Tax

August 12, 2024

Assessee entitled to exemption u/s 54F/54 as possession of new house property acquired within one year before sale of original asset; crucial date for purchase is when possession and control given to purchaser, not legal transfer; mere allegation of fabricated document cannot be sustained without evidence; reliance on precedents of Shahzada Begum, Laxmichand Nagda, and T.N. Aravinda Reddy cases.

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Assessee entitled to exemption u/s 54F/54 as possession of new ...

Exemption u/s 54F/54 allowed if new property acquired within 1 year before sale; possession date key, not legal transfer.

Case Laws Income Tax

August 12, 2024

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