https://www.taxtmi.com/caselaws?id=268260 In booked flat transactions, the allotment letter can create a capital asset, and the date of allotment may be treated as the relevant date of acquisition for determining whether the gain is long-term or short-term. Interest paid on housing loans used to acquire the flats was treated as deductible in computing capital gains under section 48. The text also notes that a section 50C addition was unsustainable where the stamp valuation did not support the declared consideration, that interior expenditure supported by invoices and cheque payments could form part of the residential investment, and that deduction under section 54F was available where the long-term capital gain and acquisition timeline satisfied the statutory requirements. en-us Thu, 24 Sep 2015 00:00:00 +0530 Sat, 21 Nov 2015 14:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=268260 In booked flat transactions, the allotment letter can create a capital asset, and the date of allotment may be treated as the relevant date of acquisition for determining whether the gain is long-term or short-term. Interest paid on housing loans used to acquire the flats was treated as deductible in computing capital gains under section 48. The text also notes that a section 50C addition was unsustainable where the stamp valuation did not support the declared consideration, that interior expenditure supported by invoices and cheque payments could form part of the residential investment, and that deduction under section 54F was available where the long-term capital gain and acquisition timeline satisfied the statutory requirements. Case-Laws Income Tax Thu, 24 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=268260