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The assessee is an individual sold agricultural land which was inherited through her father along with others. The sale consideration being 1/6th is Rs. 70,16,667/-. On perusal of record it is noted that the date of transfer of subjected property was on 26-08-2011. The contention of Assessing Officer was that since the date of transfer of asset was on 26-08-2011 the Capital Gains should be assessed in A.Y. 2012-13. We note that the assessee contended that the major portion of sale consideration (Rs.30,00,000/- and Rs. 31,66,666/-) were realized on 07-04-2012 and 14-07-2012, respectively the Capital Gains should be assessed in A.Y. 2013-14.

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Sec. 54F of Income Tax Act, 1961—Capital Gain— In order to get exemption u/s. 54F, the assessee must have purchased new asset one year before or two years after or constructed one residential house within a period of three years, as rightly pointed DR that the assessee did not utilize the sale consideration for purchase of flat or construction of one residential house, therefore, the exemption as claimed by the assessee u/s. 54F is liable to be denied, thus,the order of CIT(A) is justified that the Capital Gains is to be assessed under the year under consideration, consequently, the assessee is not entitled to claim exemption u/s. 54F - JAYSHREE SHANKAR DONE V/s ITO - [2020] 28 ITCD Online 051 (ITAT-PUNE)

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