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        Case ID :
        Income Tax

        Where long-term capital gains from sale of a residential house...

        Capital gains exemption: payment for plot, architect fees and bona fide commencement of construction can satisfy utilisation requirement and secure relief.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Where long-term capital gains from sale of a residential house were applied to purchase of a plot, payment of architect fees and deposits, and bona fide commencement of construction within the statutory three-year window, such application constitutes 'utilisation' of capital gains for the purpose of the exemption. The piece treats the exemption as beneficial, relies on precedent holding that advances and commencement of construction satisfy the utilisation requirement even if physical completion and plan sanction occur after three years, and concludes exemption should be allowed on proof of investment and commencement.
                                Note: It is a system-generated summary and is for quick reference only.
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