4.7 The expert, however, referred to various clauses in the buyer`s agreement and argued that at the time of the purchaser contract, the developer did not yet need to obtain all the necessary authorizations and authorizations for the construction, commissioning and development of the project [Clause A (X)]; the apartment`s super-zone was temporary and had to be confirmed after the construction of the project (point 1.2); The layout plans have been modified (paragraph 1.7a); proposed town planning plans, the project, etc., were provisional (point 8.2); If the completion of the dwelling (project) is delayed for reasons outside the proponent`s cladding, the developer should be entitled to additional time (point 9.4.1). In light of the terms of the buyer`s agreement issued in April 2012 and the holding, the auditor disputed that the dwelling was built before April 2012 and was in the construction period of three years after the sale of the original asset (i.e. 18.08.2014). He referred to CBDT Circular 471 of 15.10.1986 and Circular 672 of 16.12.1993 and argued that cooperatives or the other institution, with regard to the scheme of allocation and construction of housing by cooperatives or other institutions, were similar to those mentioned in point 2 of the CBDT circular. 471/dated 15/10/1986 and therefore such cases can be treated as the construction of housing within the meaning of sections 54 and 54F of the law. 4.5 The above facts regarding investments in real estate are not in question. In light of the buyer`s agreement of 29.09.2009 between the notator and the owner/developer, Ld AO/CIT (A) believes that the apartment was ready by that date and that the apartment was therefore transferred on 29.09.2009. The award was final on 29.09.2009 and the issuance of an acquisition certificate/certificate of occupancy on which the letter of privacy was issued is a follow-up procedure for the purchase of a dwelling. According to the Ld.

AO/CIT (A), the essential payment for the dwelling took place before 29.09.2009 and therefore the title of the property transferred to the auditor on 29.09.2009. Have you noticed a common aspect of the benefits of income tax? Well, they only enter after the ownership of the property. Even without putting these benefits into practice, the date of possession of a property is of great importance. Admittedly, the expert had entered into an agreement on 29.01.2009 to purchase the new property A-801, Lodha Luxuria, whose possession was served only on 18.05.2012. We are satisfied to agree with the LD. A.R.`s assertion that the purchase of a new dwelling would be essentially made at the time when the expert had paid the full consideration for the apartment loan and acquired it in his possession. In light of the above, we consider that the acquisition of the new residential property on 18.05.2012, i.e. within one year of the transfer of the property in question, was handed over to the expert and could therefore be considered the acquisition of the new property on that date to be substantially effective.

Average Rating: 4.6 out of 5 based on 297 user reviews.

Comments are closed.