https://www.taxtmi.com/caselaws?id=177249 The Tribunal concluded that the assessees were entitled to the deduction under Section 54 of the Income Tax Act for the new residential flats received as part of the consideration for the old house sold. It held that the additional consideration in the form of new flats should not be included in the total consideration for computing Long Term Capital Gains. The Tribunal found that the assessees had effectively "purchased" the new residential property by receiving it as consideration, thus meeting the conditions for exemption under Section 54. The appeals of both assessees were allowed, granting them the exemption for the new residential flats received. en-us Fri, 27 Feb 2015 00:00:00 +0530 Tue, 05 Jan 2016 22:32:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177249 The Tribunal concluded that the assessees were entitled to the deduction under Section 54 of the Income Tax Act for the new residential flats received as part of the consideration for the old house sold. It held that the additional consideration in the form of new flats should not be included in the total consideration for computing Long Term Capital Gains. The Tribunal found that the assessees had effectively "purchased" the new residential property by receiving it as consideration, thus meeting the conditions for exemption under Section 54. The appeals of both assessees were allowed, granting them the exemption for the new residential flats received. Case-Laws Income Tax Fri, 27 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177249