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Time limit for purchase of new house to avail sec. 54F relief to be reckoned from date of agreement to sell

July 18, 2019[2019] 107 295 (Gujarat)/[2019] 266 Taxman 46 (Gujarat)/[2019] 417 ITR 547 (Gujarat)

INCOME TAX: Where assessee had executed an agreement to sell in respect of a house property and purchased a new residential property within one year from date of agreement to sell, even though sale deed could not be executed within time, section 54F relief was to be granted to assessee in respect of purchase of new residential property

INCOME TAX: Where revenue authorities held that assessee would not be entitled to section 54B exemption as land was conveyed to buyer in character of non-agricultural land, however, legal position as to when land could be said to be agricultural land had not been considered properly, issue as regards deduction under section 54B was to be remanded back for adjudication afresh
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