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Exemption u/s 54 Investment in House property

This query is : Resolved 

Dear Experts,
I have a query. An assessee has sold a property during the AY 2016-17 say 2 Crores and filed his Returns Claiming Exemption u/s 54 for investment in House Property for 1.60 C which was estimated at that time for Filing purpose but haven't incurred in that period .. The case was picked for Scrutiny and the Income tax Officer had asked for the Proof of the amount claimed as Exemption and the bills later year dated 2016 and 2017 was produced. The Assessing Officer says he would disallow the cost as it hadn't been incurred during the said Assessment Year. Is his Stand Correct?


Not correct if unutilized amount is deposited in capital gains deposit before the due date of filing return.

Thanks for the reply sir!! But the assessee has filed the return in the very corresponding year of sale claiming the investment by an estimated amount and later he spent such amount towards such construction expenses


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