Capital gain

This query is : Resolved

kunal (Querist)
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06 December 2013 ltcg on sale of residential house on 01-07-2013 is Rs. 50 lacs

one flat was booked on 01-04-2012 (before one year from the date of sale)
payment schedule:
01-04-2012= 1 lac
01-06-2012= 6 lacs
01-08-2012= 8 lacs
01-01-2013= 12 lacs
01-08-2013= 15 lacs
01-11-2013= 30 lacs
01-12-2013= 8 lacs

total = 80lacs

now please tell whether assessee eligible for exemption u/s 54 (in case new res. property was purchased before 1 year from the date of transfer)??

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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06 December 2013 In the above case the assessee can claim exemption U/s 54 as the property will be transferred in his name only after making the full payment. Amount given after booking the flat can be said as an advance.
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