Section 445, 54F of Income Tax Act, 1961—Capital gain— the only dispute on this issue is whether the property sold by the assessee is a long term capital asset or short term capital asset.

Held that—Merely because there is a change in the nature of immovable property, the principles of determining date of acquisition cannot change. In view of this we direct the ld AO to consider the date of allotment on 31.05.2002 as the date of acquisition of the impugned asset. Thus what is transferred by the assessee is a long term capital assets and not a short term capital assets.

Next Ground of the appeal is against the denial of deduction u/s 54F of the Act.

AO noted that the new property has been purchased in the name of the assessee and mother of the assessee whereas, the property sold was only in the name of the assessee. Thus, the mother of the assessee has also contributed to the capital asset. Hence, the ld AO held that claim of deduction u/s 54F is not allowable.

we set aside this ground of appeal o the file of the ld CIT(A) with a direction to decide about the claim of the assessee.[SMT BHAWNA SHARMA VERSUS DCIT (INTL. TAXATION) , CIRCLE-3 (1) (2) , NEW DELHI] [2019] 17 ITCD Online (37) [ITAT DELHI]