https://www.taxtmi.com/caselaws?id=769295 ITAT Hyderabad allowed assessee's claim for exemption under Section 54 for long-term capital gains on sale of residential house. Lower authorities denied exemption arguing sale proceeds weren't deposited in Capital Gains Account Scheme or directly used for new property purchase. ITAT held that Section 54 requires appropriation of capital gains, not necessarily sale proceeds, toward new residential property. Since assessee invested amount exceeding sale consideration in new villa within specified timeframe, exemption was granted. Tribunal relied on precedents establishing that construction beginning before sale doesn't disqualify exemption and sale proceeds need not be directly utilized for new property purchase. en-us Wed, 19 Mar 2025 00:00:00 +0530 Wed, 23 Apr 2025 09:09:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769295 ITAT Hyderabad allowed assessee's claim for exemption under Section 54 for long-term capital gains on sale of residential house. Lower authorities denied exemption arguing sale proceeds weren't deposited in Capital Gains Account Scheme or directly used for new property purchase. ITAT held that Section 54 requires appropriation of capital gains, not necessarily sale proceeds, toward new residential property. Since assessee invested amount exceeding sale consideration in new villa within specified timeframe, exemption was granted. Tribunal relied on precedents establishing that construction beginning before sale doesn't disqualify exemption and sale proceeds need not be directly utilized for new property purchase. Case-Laws Income Tax Wed, 19 Mar 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769295