https://www.taxtmi.com/caselaws?id=286681 A booked flat creates a transferable right in immovable property that constitutes a capital asset, and surrender or cancellation of that right amounts to a transfer giving rise to long-term capital gains when held for more than 36 months. The receipt was therefore not taxable as income from other sources. Because the consideration arose from transfer of a capital asset, exemption under section 54/54F had to be examined on the prescribed factual conditions, and the Assessing Officer was directed to verify the claim and allow relief in accordance with law. en-us Wed, 10 Apr 2019 00:00:00 +0530 Tue, 10 Mar 2020 09:16:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=286681 A booked flat creates a transferable right in immovable property that constitutes a capital asset, and surrender or cancellation of that right amounts to a transfer giving rise to long-term capital gains when held for more than 36 months. The receipt was therefore not taxable as income from other sources. Because the consideration arose from transfer of a capital asset, exemption under section 54/54F had to be examined on the prescribed factual conditions, and the Assessing Officer was directed to verify the claim and allow relief in accordance with law. Case-Laws Income Tax Wed, 10 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=286681