Taxpayer should construct a Residential House within Period of three years from date of Transfer of old House: ITAT disallowed u/s 54 of Income Tax Act [Read Order]
The taxpayer should acquire another residential house or should construct a residential house within a specified period of three years from the date of transfer of the old house
The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) has disallowed the taxpayer’s claim under Section 54 of the Income Tax Act, 1961 stating that the taxpayer failed to construct a residential house within the stipulated three-year period from the date of transfer of the old house. The assessee filed return of…
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