Professional News and Happy Janmashtami
Ca Sunil Kumar Rastogi
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GREETING OF THE DAY…..9TH AUGUST,2012 |
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PROFESSIONAL NEWS |
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Sec.54F exemption goes with construction and not possession; benefit available even if possession gets delayed |
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Assessee sold a residential flat in March, 2006 and invested the capital gain to book a new flat with a builder in December, 2007. The payment for same was made in installments till February, 2009. In the relevant assessment year, the assessee claimed the exemption under section 54F. During assessment, the Assessing Officer denied exemption on ground that assessee could neither prove possession of residential flat within a period of two years from date of transfer of old flat nor had deposited unutilized capital gain in capital gain account scheme before due date of filing of return under section 139(1). CIT(A) upheld the order of AO.
On appeal, the Tribunal held in favour of assessee as under: 1) Booking of flat with a builder was a case of construction and not purchase of residential flat;
2) Therefore, time period applicable would be 3 years, which would expire on March, 2009;
3) Since assessee had made investment within period of three years, exemption under section 54F could not be denied;
4) Further, merely because possession had not been taken within three years, exemption could not be denied;
5) In view of judgment of Punjab and Haryana High Court in CIT v. Jagriti Aggarwal [2011] 15e the capital gains before extended period given under section 139 (4) i.e., 31-3-2008; and
6) Therefore, requirement to deposit unutilized capital gains in capital gain account scheme before due date of filing of return under section 139(1) doesn't arise.
In view of above, the deduction under section 54 is allowed to assessee
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ITD released ITR 6 excel file for online e-filing for AY 2012-13 |
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Income tax department has released ITR 6 for online Filing of Income Tax Return For Companies other than companies claiming exemption under section 11 for the Assessment Year 2012-13 / Financial year 2011-12. |
With Best Regards :
CA Sunil Kumar Rastogi
BCOM, LLB, FCA, DISA, WTO-II,MBF-II
Rastogi Sunil and Associates
Chartered Accountants
114 Vikasdeep Building,
Laxmi Nagar District Centre
Delhi - 110092
Ph : 011-22452437, 22455437,
Mobile : 9810248190
My Services for NIRC
I intend to serve my good services to NIRC for betterment of CA Profession and therefore I Present my candidature for forth coming NIRC election to be held in December, 2012.
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