Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty. CBDT further extends the time for Linking PAN with Aadhaar from 31st December 2017 to 31st March 2018.

Booking under-construction flat amounts to ‘construction’ & not ‘purchase’ for Sec. 54 relief

Acquisition of new flat in an apartment under-construction is a case of construction and not purchase. Its construction could start before date of sale of earlier property, but it should be completed within three years from that date to be eligible for deduction under section 54

Refer:[2017] 88 taxmann.com 275 (Mumbai - Trib.)

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