15 April 2013
we have sale land on 17.10.2009 for rs.34,00,000. out of which amount received in advance is rs.12,00,000. investment made in april-may 2009 is rs.15,00,000 and investment and investment after sale deed is rs.15,00,000.
so please tell me can i get exempation for amount invested from amount received in advance.
15 April 2013
From literal construction of you can not claim exemption. But according to judgement in case of Ramesh Narhari Jakhadi v. ITO [1992] 41 ITD 368 (Pune-Trib.), assessee can claim the benefit of exemption by extending Board's Circular.
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