As per allotment letter flat was alloted to assesee in 2010 on payment of 5lkh booking amount, total purchase consideration was 45 lkh which was registered in June 2018.
The remaining payment of 40 lkh was paid by the assessee in may2018, source of which is sale consideration of the same flat to third party. The assessee registered sale deed in aug 2018. The asseesee treat it LTCG and claim exemption under 54 for a.y. 2019-20
The case of a.y. 21-22 is under scrutiny, during which the assessee purchased another property of rs 2cr.
The asseesee is replied that source purchase is from sale consideration of earlier flat.
Whether assesee is eligible for ltcg in 2019-20. Actually no investment was made by the assessee
And source of funds for a.y. 2021-22.
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